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Japan's Nikkei rebounds from six-week low as chipmakers, Uniqlo operator rally

01/17/2022 | 02:30am EDT

TOKYO, Jan 17 (Reuters) - Japan's Nikkei index closed higher on Monday, boosted by chipmakers as they tracked firmer U.S. peers, with Uniqlo store operator Fast Retailing's jump for a second day supporting markets further.

The Nikkei ended 0.74% higher at 28,333.52, rebounding after touching its lowest intraday level since Dec. 6 on Friday at 27,889.21. About 3 stocks advanced for every one that fell on the benchmark index.

The broader Topix added 0.42%. The Topix growth share index added 0.36%, after dipping to its lowest intraday level since mid-August at the end of last week. The value index gained 0.55%, and touched its highest intraday level since late September.

"Over-sold growth stocks are being bought back," said Naoki Fujiwara, a fund manager at Shinkin Asset Management.

"At the same time, the shift from growth stocks to value stocks is also continuing."

Fast Retailing's 1.86% rally made it the Nikkei's biggest gainer by index points, continuing its rally after reporting estimate-topping earnings.

Chip giants Tokyo Electron and Advantest, rose 0.44% and 0.65%, respectively. Peer Renesas rose 2.09%.

On Friday, the Philadelphia SE Semiconductor Index jumped 2.33%. Wall Street is shut on Monday for a national holiday.

In addition, local media reported that the Japanese government will set up a subsidy program to assist companies developing chips, large-capacity batteries and other strategic products.

SoftBank Group and Toyota Motor also helped the Nikkei higher, with respective 0.60% and 1.38% advances. Nintendo gained 1.66%.

The Nikkei's worst performer was Toho Zinc, with a 4.50% slide, followed by delivery company Yamato Holdings , which lost 2.83%, and Hitachi, which fell 2.59%. (Reporting by Tokyo markets team; Editing by Rashmi Aich and Uttaresh.V)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION -0.12% 8530 Delayed Quote.-21.65%
FAST RETAILING CO., LTD. -0.47% 59580 Delayed Quote.-8.34%
NIKKEI 225 -0.26% 26677.8 Real-time Quote.-6.22%
NINTENDO CO., LTD. -4.25% 57200 Delayed Quote.11.35%
ON SEMICONDUCTOR CORPORATION -2.49% 54.5 Delayed Quote.-19.76%
RENESAS ELECTRONICS CORPORATION 2.33% 1452 Delayed Quote.-0.28%
S&P 500 -0.81% 3941.48 Real-time Quote.-16.63%
SOFTBANK GROUP CORP. -1.71% 5102 Delayed Quote.-4.47%
TOHO COMPANY LTD -0.20% 4900 Delayed Quote.-0.30%
TOHO ZINC CO., LTD. -2.76% 2432 Delayed Quote.9.74%
TOKYO ELECTRON LTD 0.77% 58680 Delayed Quote.-12.15%
TOPIX INDEX -0.09% 1876.58 Delayed Quote.-4.91%
TOYOTA INDUSTRIES CORPORATION -2.06% 8070 Delayed Quote.-10.34%
TOYOTA MOTOR CORPORATION -0.32% 2043.5 Delayed Quote.-2.64%
YAMATO HOLDINGS CO LTD -0.57% 2250 Delayed Quote.-16.28%
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