TOKYO (Kyodo) — Tokyo stocks rose Wednesday morning, as selling triggered by overnight Wall Street declines was more than offset by buying after robust earnings reports from some Japanese companies.
The 225-issue Nikkei Stock Average gained 253.19 points, or 0.62 percent, from Tuesday to 40,802.73. The broader Topix index was up 33.01 points, or 1.12 percent, at 2,969.55.
The U.S. dollar stayed mostly in the upper 147 yen zone in Tokyo amid a lack of new trading cues, dealers said.
At noon, the dollar fetched 147.55-56 yen compared with 147.50-60 yen in New York and 147.36-38 yen in Tokyo at 5 p.m. Tuesday.
The euro was quoted at $1.1570-1571 and 170.72-74 yen against $1.1570-1580 and 170.72-82 yen in New York and $1.1545-1547 and 170.13-17 yen in Tokyo late Tuesday afternoon.
The Nikkei index was initially weighed down by chip shares after U.S. President Donald Trump said he will announce a levy on semiconductors in the “next week or so.” An earnings report from major U.S. chipmaker Advanced Micro Devices Inc. also fueled concern about the Chinese market, brokers said.
However, the market was later supported by buying of real estate firm Mitsui Fudosan and others after they released strong quarterly earnings.