Japan Stocks Rise as Executive Order Raises Concern Over Tariffs
Japanese stocks rose as the Topix index headed for a six-day winning streak after US President Donald Trump signed an executive order easing the impact of his auto tariffs.
Topix rose 0.4% to 2,660.96 as of 9:23 a.m. Tokyo time
Nikkei 225 advanced 0.1% to 35,881.85
Financial sectors such as banks and insurance companies, as well as pharmaceutical stocks, climbed sharply, while some transportation equipment shares also performed well. Out of 1,690 stocks in the benchmark Topix, 561 rose and 1,072 fell, while 57 were unchanged.
“After the Nikkei rises above 36,000 yen, it’s likely to trade in a narrow range as we head to the long holiday weekend,” said Mitsushige Akino, president of Ichiyoshi Asset Management, referring to shut markets on the first two days of next week. “The impact of tariffs on fundamentals will be assessed, making April and May statistics crucial.”
Sony Group contributed the most to the Topix’s gain, increasing 5.4% after the company was said to be considering spinning off its semiconductor unit.
After a market holiday yesterday, Japanese shares got a chance to catch up with gains on Wall Street. The Nasdaq 100 is close to erasing all of its losses since April 2, when Trump announced his trade offensive.
In the latest pivot in Trump’s trade strategy, the president signed an executive order that prevents duties on foreign-made vehicles from stacking on top of other levies and lessening charges on parts from overseas used to make vehicles in the US.
Source: Bloomberg
