Nikkei Stable, Chip Gains Offset Pharmaceutical Losses

The Japanese Nikkei index weakened on Wednesday, June 23rd, as gains in chip-related heavyweights, which tracked Wall Street yesterday, offset losses in the pharmaceutical industry.

Nikkei rose 0.03% to close at 28,874.89 points, after witnessing the largest increase since 2021 on Tuesday, while the broader Topix index fell 0.53% to 1949.14 points.

The benchmark Nikkei index rose 0.08% during the session.

Wall Street rebounded yesterday, led by the Nasdaq, as Fed Chairman Jerome Powell pledged not to raise interest rates too quickly.