The Japanese TOPIX Posted Largest Gain in 7 Months on Nasdaq Recovery

The Japanese TOPIX index recorded the largest jump in seven months with the halt in US Treasury bond sales, which supported the Nasdaq index, which is full of technology stocks and led to the rise of shares of local chipmakers.

The index jumped 2.04% to 1894.94 points, the biggest gain since August 11, while the benchmark Nikkei index advanced 2.41% to 29,663.50 points, the biggest gain since Dec.29, 2020.

Stocks recovered today after recording the biggest losses in nearly a year last week after rising global bond yields worried investors, who already feared high valuations in the market.

On Friday, the Nasdaq index rose 0.56% after US bond yields rose, and technology stocks that dominate the index are affected by rising returns, while the Dow Jones Industrial Average fell 1.5%, and the S&P 500 index fell 0.48%.

Chip companies jumped, with Tokyo Electron rising 2.09%, Advantest 4.23% and Screen Holdings 3.49%.

Heavyweight SoftBank Group rose 5.46%, and was the largest contributor to the Nikkei gains, followed by Fast retailer, which runs Uniqlo clothing stores, which rose 2.71%.

Sharp led the percentage losers on the index, down 2.83%, followed by Rakuten, which lost 2.02%, and West Japan Railway, which fell 0.88%.

And 206 stocks advanced on the Nikkei index, against a decline of 17.

All of the 33 sub-sector indices on the Tokyo Stock Exchange rose.