TOKYO, March 1 Reuters Japans Topix Index on Monday jumped the most in seven months, as a pause in selloffs in U.S. treasuries boosted the techheavy Nasdaq index and lifted domestic shares of chipmakers.
The Topix Index jumped 2.04 to 1,894.94, the largest gain since Aug. 11, 2020, while the the Nikkei share average advanced 2.41 to 29,663.50, the biggest gain since Dec. 29.
Shares on Monday bounced back following their worst drop in almost a year last week after a spike in global bond yields spooked investors already uneasy about the markets stretched valuation.
The Nikkei will reclaim the 30,000 level sooner or later, depending on how the U.S. bond yields will perform, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.
In the first place, the yields rose on expectations for an economic rebound, which is not a bad news for the stock market.
Nasdaq index, composed mainly of tech shares that are sensitive to rising yields, rose 0.56 on Friday after U.S. bond yields peaked, while the Dow Jones Industrial Average fell 1.5, and the SP 500 edged down 0.48.
Shares of chipamkers jumped in Japan, with Tokyo Electron rising 2.09, Advantest adding 4.23 and Screen Holdings jumping 3.49.
Index heavyweight SoftBank Group, up 5.46, was the biggest contributor to Nikkeis gain, followed by Uniqlo clothing store operator Fast Retailing, which jumped 2.71.
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