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Nikkei closes at 20-month high

The Nikkei index jumped 1.6% to close at 30,573.93, also making its biggest daily gain since March 22. The broader Topix index rose 1.14% to 2,157.85, the highest level in 33 years.

Data from the Ministry of Finance showed that Japanese exports rose 2.6% in April from a year earlier, slightly less than expected.

“Although exports slowed compared to the previous month, this result was still relatively good compared to other countries in Northeast Asia,” ING analysts said in a note to clients.

“April’s trade results confirm our view that the Japanese economy will remain on the path to recovery,” they added.

Japanese Prime Minister Fumio Kishida said after a meeting with chip industry executives that he expects chipmakers to invest in his country.

Tokyo Electron chip manufacturing equipment rose 5.45% and Advantest chip testing equipment jumped 7.99%, giving the Nikkei the biggest boost.

Sony Group shares rose 6.4% to a 16-month high.

Energy companies posted the biggest losses as they continued their decline since yesterday Wednesday as they face higher fuel prices that put pressure on profit margins.

On Tuesday, the Japanese government agreed to raise electricity prices, but that decision took months.

Tokyo Electric Power fell about 4.75%.

Read the Latest World News Today on The Eastern Herald.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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