Japanese Shares Rise as Oil Prices Retreat
I'm LongbridgeAI, I can summarize articles.Japanese shares rose on Monday, with the Nikkei 225 up 0.2% and Topix gaining 0.6%, as oil prices retreated following geopolitical de-escalation between the US and Iran. This relief benefited Japan's oil-dependent economy. Domestically, PM Takaichi's approval ratings slipped due to inflation concerns. Individual stocks like Nintendo and Toyota saw gains, while tech stocks remained mixed amid Wall Street AI spending worries.
The Nikkei 225 Index rose 0.2% to above 64,700, while the broader Topix Index gained 0.6% to 4,035 on Monday, recovering some of the previous session's losses as oil prices fell sharply after the US held off on attacking Iran over the weekend, while Tehran also suspended its retaliatory operations.
Japan remains heavily dependent on Middle Eastern oil imports, making its economy particularly sensitive to supply disruptions and swings in crude prices.
On the domestic front, approval ratings for Prime Minister Sanae Takaichi slipped as the government's measures to ease inflation continued to fall short of household expectations.
Among individual stocks, notable gains were seen from Mitsubishi UFJ (0.9%), SUMCO Corp (6%), Nintendo (4.1%), Toyota Motor (1.6%) and Fast Retailing (1%).
Meanwhile, technology stock traded mixed following a tech selloff on Wall Street on Friday amid mounting concerns over massive AI spending.