Japan Shares Close With Gains For The Fourth Consecutive Week

Japanese stocks closed higher on Friday, September 17th, posting gains for the fourth consecutive week, as chip heavyweights jumped and some investors contributed to the latest gains.

Hopes for new political leadership, an increase in COVID-19 vaccinations, and a decline in infections rose to the Nikkei index by an average of 8.58 percent this month. Despite its decline in the previous two sessions, the index ended the week up 0.39 percent, recording gains for the fourth consecutive week.

The Nikkei rose 0.58 percent to close at 30,500.05 points, while the broader Topix index rose 0.48 percent to 2,100.17 points.

M3 Medical Services led the Nikkei’s gains, up 4.91 percent, followed by chip-related stocks, with Tokyo Electron and Advantest adding 1.24 percent and 2.44 percent, respectively.

Shipping companies were the biggest gainers in the industry sub-index on the Tokyo Stock Exchange, with Nippon Yusen shares jumping 2.88 percent and Kawasaki Kisen shares 4.24%.

Shares of airlines and railways also increased by 1.67 percent and 1.16 percent, respectively.

On the other hand, Nippon Steel fell 5.96 percent after the steelmaker priced 300 billion yen ($2.73 billion) in convertible bonds.