Japanese stocks stabilize before the US decision on customs duties
Today, calm prevailed over most Japanese stocks at the close before the deadline to impose new US customs duties on
Chinese imports at the weekend, while semiconductor shares marched and recorded gains along the path of its Wall Street counterparts.
The Nikkei rose 0.14% to close at 23,244.81 points, and the index has remained intact since early November last as it remained below 23,600 points, which is an important level.
The broader Topix index fell 0.12% to 1712.83 points, due to the decline that affected small companies shares, 0.5%.
Informed sources said that US President Donald Trump is expected to meet Thursday with top trade advisers to discuss the tariffs that are supposed to be applied on December
15 on imported Chinese commodities worth $ 160 billion.
The Philadelphia Semiconductor Index rose to a record high, rising 2.2% on Wednesday.
The chip-related shares topped the top three on the Nikkei.
While Tokyo Electron rose 4.9%, SOMCO increased by 3.3%, and Advantest gained 2.8%.
The machinery manufacturing sector index rose 0.5% despite the weak Japanese machinery orders index.
Hitachi Construction shares also rose by 0.2% and reached their highest level in a year.
Otsuka Kajo share jumped by 30.9% after media reports that Yamada Denki, the retailer of electronic devices, will pay 4 billion yen to complete the acquisition of the troubled
company that runs the furniture store chain, and Yamada Denki shares fell 1.6%.