TOKYO, Sept. 8 — Asia’s tech-heavy markets led global gains on Monday, with Japan’s Nikkei 225 climbing 2.1% to close at 66,399.84 as investors piled back into computer chipmaker stocks. The advance put the benchmark at the forefront of a mixed day for world shares, powered by what one former trader described as the market’s most dependable growth engine. South Korea’s Kospi jumped 4.6% to 6,995.39, propelled by outsized moves in the country’s semiconductor giants.
Samsung Electronics shares soared 5.7%, while memory chipmaker SK Hynix surged 8.1%. In Tokyo, the buying was broad across the sector: Renesas Electronics Corp. added 3.1%, Rohm Co. rose 7.8%, and Tokyo Electron edged up 4.7%.
“The AI complex continues to provide the local equity markets with its most dependable growth pulse,” said Stephen Innes, a former trader. “The AI complex is firmly in the leadership seat and reminding investors that, for all the hand-wringing around valuation, the hardware trade is still refusing to roll over.” The strength in Tokyo and Seoul stood in contrast to a more cautious session elsewhere. Hong Kong’s Hang Seng lost 0.9% to 25,413.12, while the Shanghai Composite gained less than 0.1% to 3,932.70.
Australia’s S&P/ASX 200 rose less than 0.1% to 9,010.90. In Europe, France’s CAC 40 was little changed, inching up less than 0.1% in early trading to 8,282.06, while the German DAX shed 0.2% to 25,993.23 and Britain’s FTSE 100 declined 0.2% to 10,814.01.
U.S. markets were closed Monday for the Labor Day holiday, with Dow futures down 0.3% to 53,273.00 and S&P 500 futures little changed at 7,721.75. For Japanese leaders, the currency picture remains a focal point. The U.S. dollar slipped to 155.95 yen from 156.22 yen, a rebound after the dollar surged to the 160 yen level last week.
The weakening yen has been a major area of concern for officials, and market watchers are now focused on what the Bank of Japan might do on interest rates at its next policy board meeting later this month. “The stronger-than-expected U.S. employment report generated only a limited recovery in the dollar, suggesting that the market is currently responding more strongly to the changing BOJ policy outlook,” said Linh Tran, a market analyst at XS.com. Energy markets added another layer of tension.
Brent crude, the international standard, added 4 cents to $96.32 a barrel following further escalation of the six-month-long U.S. war with Iran, while benchmark U.S. crude fell 29 cents to $91.19 a barrel. The U.S. military denied that Iran struck an uncrewed American military vessel in the Strait of Hormuz, which remains effectively closed, calling the claim a “total lie.” A senior Iranian official said Tehran plans to announce an “exclusion zone” outside the strait, targeting vessels it believes are attempting to transit the waterway.
That followed U.S. strikes on three Iranian oil tankers in response to Tehran launching ballistic missiles at U.S. warships. Looking ahead, market players expect the Federal Reserve to raise interest rates before the year ends to help cool inflation, which remains well above 3%. The Fed’s next policymaking committee meeting ends Sept. 16, and August inflation figures are expected on Sept. 11.
In currency trading, the euro cost $1.1634, up from $1.1621.
