Nikei hits 6-week high amid chip stocks

The Japanese Nikkei index rose to its highest level in over six weeks, driven by gains in semiconductor shares and strong revenue expectations from Micron Technology, which boosted optimism about investments related to artificial intelligence. As a result, the index increased by 2.28%, reaching 68,276.92 points, while the broader TOPIX index saw only a slight rise. Micron's results showed an increase in clients' commitment to long-term supply agreements, totaling $32 billion, reflecting sustained strong demand for memory chips used in AI applications. Despite the market gains, experts have cautioned against overinterpreting the rise, noting that some of the gains were temporary amid mixed stock performances, with losses in shares of major companies like Tokio Marine and Fukuoka Financial Group. Some also pointed out that certain policymakers at the Bank of Japan have indicated the possibility of accelerating interest rate hikes, which could impact the market in the future.

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