Japan's Nikkei ends higher as Wall Street surge boosts sentiment

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Japan's Nikkei share average surged nearly 1% on Monday, fuelled by widespread gains, as investor sentiment was lifted by a sharp rise in U.S. stocks at the end of last week.

The Nikkei rose 0.9% to end at 37,396.52, its highest closing point in more than a week, while the broader Topix finished 1.2% higher at 2,748.12.


All three major U.S. stock indexes posted solid gains on Friday, as investors hunted for bargains at the end of a tumultuous week, with recently battered tech-related megacaps enjoying a strong comeback.

Wall Street's gains, along with news that the U.S. Congress had passed a stopgap spending bill to avert a partial government shutdown, lifted sentiment and fuelled the equity market's rise on Monday, said Hiroshi Namioka, chief strategist at T&D Asset Management.


"It may be fleeting, but for now the global risk-off trend has eased up today," he said.

Gains were particularly noticeable among Japan's heavyweight semiconductor-related stocks on Monday. Shares of Tokyo Electron were up 2.2% and Advantest added 2.7%, providing the biggest boost to the overall index. Heavy machinery makers outperformed, led by a 12.2% jump in shares of defence-related Mitsubishi Heavy Industries, as investors continued to speculate about whether Japan may need to beef up its defence spending in the future. Kawasaki Heavy Industries rose 6% and IHI Corp surged nearly 10%.

While the risk-off mood was taking a breather, investors had their eyes on a U.S. retail sales report due later in the day amid concerns about the economic growth outlook in the United States.

Among other major stocks, AI-focused startup investor SoftBank Group climbed 1.8%, game maker Sony Group gained 2%, and electronic components maker TDK Corp rose 2.8%. Uniqlo parent Fast Retailing shed gains to end 0.5% lower.

Of the Nikkei's 225 constituents, 187 advanced, 36 declined while two were untraded.

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