Japan’s Nikkei index closed higher after hitting a 3-month high

Japan’s Nikkei average rose more than 1 percent on Monday to a three-month high, retracing gains on Wall Street in the previous session, after Federal Reserve officials eased concerns about monetary tightening.

Interest-sensitive technology stocks were the top gainers in Japan, as was Wall Street after Richmond Federal Reserve Bank President Thomas Barkin said inflation had “likely” passed its peak, contributing to a decline in long-term Treasury yields. from its highest level in several months.

Tokyo Electron stock provided the biggest support for the Nikkei index, as it alone represented 50 points of the index’s gains of 310 points, with a rise of 3.1 percent. Sony shares closed up 2.56 percent.

Start-up investment firm SoftBank rose 2.74 percent, gaining additional support from news that its ARM unit aims to raise at least $8 billion from a US listing.

The Nikkei index rose 1.11 percent to close at 28,237.78 points. The index started trading above the threshold of 28,000 points, and continued to rise during trading, to reach 28,288.62 for the first time since the first of December.

Among the 225 stocks on the Nikkei index, 161 rose and 59 fell, while five stocks remained unchanged.

The broader Topix index rose 0.84 percent, recording 2,036.49 points.