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Asia, News

Nikkei jumps tracking Nasdaq, Tokyo Electron shines

TOKYO, Oct 14 (Reuters) – Japan’s Nikkei share average rose on Thursday, tracking the Nasdaq overnight, with gains led by chip equipment maker Tokyo Electron and other heavyweight technology stocks.

The Nikkei share average advanced 0.97% to 28,413.61 by 0156 GMT, and the broader Topix edged up 0.3% at 1,979.81. Overnight, the Nasdaq and the S&P 500 gained as the Federal Reserve signalled on Wednesday it could start reducing its crisis-era support for the U.S. economy, which raised confidence for an economic recovery.

The yield on benchmark 10-year Treasury notes declined.

“Markets remain conscious about U.S. interest rates because the rates affect U.S. growth stocks, which influence Nikkei’s heavyweights,” said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute.

Tokyo Electron lifted the Nikkei the most by rising 4.9% and Advantest, its peer, gained 3.13%.

Medical equipment makers Olympus and Terumo rose 2.49% and 1.26%, respectively.

Casual restaurant shares rose on hopes of a reopening economy, with Saizeriya surging 13.87% and Yoshinoya Holdings jumping 10.19%.

Bucking the trend, Japanese medical devices maker PHC Holdings fell more than 10% on its initial day of trading, despite pricing the stock at the bottom of the range.

Shippers and oil refiners led declines among the exchange’s 33 industry sub indexes by falling 5.21% and 2.42%, respectively. (Reporting by Junko Fujita; Editing by Amy Caren Daniel)

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