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
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
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
(Reporting by Tokyo markets team; Editing by Rashmi Aich and