Japan’s Nikkei closes at a two-week high

Japan’s Nikkei index closed at its highest level in two weeks on Wednesday, as shares of chip manufacturers led a rally on bets that the US Federal Reserve would pursue more accommodative monetary policies.

The Nikkei index, which is dominated by technology companies, ended Wednesday 0.6 percent higher at 31,936.51 points, benefiting from its 2.4 percent rise on Tuesday. It had previously risen to 32,037.07 points, exceeding the psychological barrier of 32,000 points for the first time since October 2.

Chip-related stocks dominated four of the six largest stocks that achieved percentage gains, led by LaserTech, whose stock jumped 6.33 percent. SoftBank Group, which invests in emerging companies, was among the six biggest winners, and its shares increased 2.64 percent.

However, looking at the performance of stocks on an individual basis, the performance of the Nikkei index was more mixed, with 86 stocks rising out of its 225 components, compared to 133 stocks declining, with six stocks remaining unchanged.

The broader Topix index closed 0.19 percent lower after a volatile performance between small gains and losses during the session.

The biggest loser on Wednesday was the shipping companies index, which fell 3.52 percent as investors focused on taking profits after rising to the highest level in two weeks in the previous session.

Kawasaki Kisen Kaisha stock was the worst performer ever in the Nikkei index, falling 6.1 percent.