Forex
Japan's Tech Stocks Surge as Nikkei Index Hits 66,400
The Japanese stock market continued its upward trend on Monday, led by technology stocks that rose in tandem with US chipmakers and memory stocks. The Nikkei 225 index gained 2.12% to close at 66,400, while the Topix increased by 0.55% to 4,126.
Kioxia Holdings and SoftBank Group were among the top gainers, surging 9.3% and 11.2%, respectively. Other technology stocks, including Advantest, Taiyo Yuden, and Ibiden, also posted strong gains.
However, market gains were tempered by stronger-than-expected US jobs data, which raised expectations of a Federal Reserve rate hike this month. Markets are also pricing in a possible Bank of Japan rate hike in September due to persistent inflation and a weak yen.