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(Bloomberg) — Japanese stocks rose tracking Wall Street’s gains as hopes of US interest rate cuts solidified and after US and China finalized a trade understanding. The Nikkei benchmark rose past the 40,000 mark for the first time since January.
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- The Topix Index rose 0.8% to 2,826.15 as of 9:05 a.m. Tokyo time
- The Nikkei advanced 1.1% to 40,001.55.
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Hitachi Ltd. contributed the most to the Topix Index gain, increasing 2.4%. Out of 1,682 stocks in the index, 1,315 rose and 273 fell, while 94 were unchanged.
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Masahiro Ichikawa, Chief Market Strategist at Sumitomo Mitsui DS Asset Management Co. said Japanese stocks are likely to continue to rise today, mainly driven by the semiconductor-related sector.
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- Hopes of demand for artificial intelligence, calm in the Middle East, expectations for a US interest rate cut, and avoidance of US-China conflict are supporting factors.
- US economic indicators have been downbeat this week, and if hard data confirms a slowdown, expectations for a rate cut will strengthen.
- A US rate cut will support the economy, and from a long-term perspective, it will be a positive for Japanese financial stocks. This will have a positive effect on Japanese financial stocks in the long run.
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ADVANCERS
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- Land Co (8918) +13%
- Fujita Kanko (9722) +6.4%
- Sumitomo Metal (5713) +5.2%; Sumitomo Metal Shares Up Most in 9 Weeks; Trading Volume Triples
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DECLINERS
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- Pepper Food (3053) -5.3%
- CL Holdings (4286) -3.5%
- Fujio Food (2752) -3.2%; Fujio Food Shares Down Most in 11 Weeks; Trading Volume Surges
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INSIGHTS
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- The MSCI AC Asia Pacific Index was up 0.3%
- Topix Index is up 1.5% year-to-date, vs. MSCI AC Asia Pacific Index up 12%
- Topix Index members are trading at 15.0 times their estimated earnings for the next 12 months
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This story was produced with the assistance of Bloomberg Automation.
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