Japan Stocks Rise on Tech Sector

Japanese stocks rose Thursday, April 1st, as investors snapped up shares of semiconductor companies on the first day of the new fiscal year, thanks to hopes for strong corporate business results.

The benchmark Nikkei index closed 0.72% higher at 29,388.87 points, while the broader Topix index increased 0.19% to 1,957.64 points.

The technology sector led the advance after US chipmaker Micron Technology forecast more than analysts’ revenue in Q3.

Sentiment improved in Japan after the Bank of Japan’s Tankan survey revealed that business confidence is back to where it was before the start of the Covid-19 pandemic.

Tokyo Electron rose by 4.68%, reaching an all-time high during the session, as semiconductor stocks in Japan were supported by positive expectations for Micron regarding sales and gains made by US technology stocks.