Japan’s Nikkei Closes Higher, With Shares of Sony and Toyota Rising

Japan’s Nikkei index closed slightly higher on Wednesday, as gains in blue-chip stocks such as Sony Group and Toyota Motor outweighed declines in technology heavyweights on fears of a faster-than-expected US interest rate hike.

On Wednesday, the Nikkei index closed up 0.1 percent to 2,9332.16 points after falling more than once during the day, while the broader Topix index rose 0.46 percent to 2039.27 points.

The start-up index fell 5 percent to its lowest level since May 2020 as the prospect of a US interest rate hike soon triggered a sell-off in expensive stocks.

Toyota’s stock rose 2.57 percent, continuing its rise after its car sales outperformed General Motors in the United States in 2021, becoming the first time that the American company did not lead car sales in the United States for a full year since 1931.

Sony shares jumped 3.6 percent, becoming the most significant contributor to the Nikkei index after the group revealed plans to establish a company in the spring to produce electric cars.

The insurance sector was the biggest gainer, and its shares rose 3.16 percent.

Technology stocks fell, with Tokyo Electron down 1.4 percent, medical services platform M3 dropping 6.43 percent, and Terumo Medical Equipment shedding 2.17 percent.