Japan’s Nikkei index jumps to its highest level in two weeks

Japan’s Nikkei index closed higher on Thursday after touching a two-week high during the session, as markets continued their recovery from multi-month lows supported by energy-related stocks and chips.

The Nikkei rose 0.7 percent to 27,311.30 points at the close, after hitting 27,399.19 points, a level not seen since September 21.

The broader Topix index rose 0.5 percent to 1,922.47 points, also rising for a fourth day and touching a two-week peak at 1930.47.

Traders said caution ahead of Friday’s monthly US jobs report capped gains.

The Nikkei rose from a low of 25,621.96 on Monday, a level not seen since June 20.

The energy sector was the best performer on the Nikkei, rising 1.24 percent as oil prices rose to multi-week highs.

Chip stocks also had a big impact on the Nikkei’s gains, after a 0.94 percent rise in the Philadelphia Semiconductor Index in the United States overnight Wednesday.

Chip-making equipment maker Tokyo Electron rose 2.76 percent, and its peer Advantest jumped 2.91 percent.