"The company has announced a V-shaped recovery in its
operating income forecast," Nomura Securities strategist Kazuo
Kamitani said about Nidec. "It appears that the market today is
taking guidance from those results."
Tech shares are in focus amid a slate of major U.S.
companies due to report earnings this week, including Amazon.com
Inc and Google operator Alphabet Inc.
Semiconductor stocks were buoyed after Industry Minister
Yasutoshi Nishimura said the government plans to give additional
subsidies to chipmaker Rapidus, which plans to build a
cutting-edge factory in Japan's northern major island of
Hokkaido. Chip-making equipment giant Tokyo Electron Ltd added 1.01% while testing equipment manufacturer Advantest Corp climbed 1.78%.
Daiwa House Industry Co jumped 3.12% after the
homebuilder raised its profit forecast for the just-ended fiscal
year.
There were 150 gainers in the Nikkei against the 67 that
lost ground. Securities companies were the top
performers among the Tokyo Stock Exchange's 33 industry sectors,
rising 1.57%. Utilities and steelmakers were the biggest
decliners.
Tokyo Gas Co slid 1.53% while Kobe Steel Ltd dropped 1.65%.
(Reporting by Rocky Swift; Editing by Sherry Jacob-Phillips)
By Rocky Swift
TOKYO, April 25 (Reuters) - Japanese stocks climbed on
Tuesday, with the Nikkei index touching the highest levels in
eight months, led by electronics makers as investors assessed an
optimism in corporate earnings recovery and upbeat chip
investment.
The Nikkei advanced for a second straight session,
rising 0.39% to 28,706.04 by the morning break. Earlier in the
session, the index reached 28,806.69, its highest since Aug. 19,
2022. The broader Topix rose 0.56% to 2,048.76.
Mitsubishi Electric Corp jumped 4.63%, leading
Nikkei gainers, after the company said it would spin-off its
automotive audio business. Shares of motor maker Nidec Corp climbed 3.16% as a rosy full-year profit estimate
overshadowed a quarterly loss reported on Monday.
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