Japanese Stocks Track U.S. Gains

SoftBank led gains in Japanese tech-related stocks Wednesday, tracking Wall Street peers, and boosting the Nikkei 225.The Nikkei 225 ballooned 561.23 points, or 1.1%, to 49,864.68. Tech-focused investment major SoftBank rose more than 6%, snapping a three-session streak of losses. Japan’s Tokyo Electron, which provides essential chipmaking equipment to foundries that manufacture Nvidia chips, rose more than 4%; chip equipment maker Lasertec added as much as 7%, and chipmaker Renesas Electronics advanced more than 6%. Semiconductor testing equipment supplier Advantest also gained as much as 5%.In Hong Kong, the Hang Seng lost 334.32 points, or 1.3%, to 25,760.73. Bitcoin climbed over 7% to cross the $90,000 mark in overnight trading, recovering from sharp selloff. It was trading 3% higher at $93,894.45 in Asia trading Wednesday.Korean stocks moved up. The country’s revised third-quarter GDP numbers indicated that country’s economy grew at 1.8% year on year, compared to 1.7% in the initial estimate, data from the central bank showed Wednesday.South Korean President Lee Jae Myung also addressed the country on the first anniversary of former President Yoon Suk Yeol’s failed attempt to declare martial law.Australian markets were also positive. The country’s third-quarter GDP data missed estimates on Wednesday, but clocked it strongest growth in about two years.The country’s GDP expanded 2.1% year on year, marking its strongest expansion since the third quarter of 2023, but fell short of the 2.2% expected by economists polled by Reuters.In other marketsThe CSI 300 in Shanghai shed 23.29 points, or 0.5%, to 4,531.05In Korea, the Kospi edged up 41.37 points, or 1%, to 4,554.52In Singapore, the Straits Times Index advanced 16.56 points, or 0.4%, to 4,554.52.In Taiwan, the Taiex popped 228.77 points, or 0.8%, to 27,793.04.In New Zealand, the NZX 50 climbed 79.77 points, or 0.6%, to 13,582.54. In Australia, the ASX 200 added 15.48 points, or 0.2%, to 8,595.18.