Lates News

On Wednesday, the Japanese Nikkei index rose. Concerns about the US economy weakening prompted investors to continue buying undervalued stocks earlier this week after a major drop. The Nikkei 225 index closed up 0.6% at 40,794.86 points. The broader Topix index jumped 1% to 2,966.57 points. Naoki Fujiwara, senior fund manager at Shinkin Asset Management, said, "Investors bought stocks because the previous day's increase in the Nikkei index was not enough to recover from Monday's drop." Concerns about the US economy and trade, as well as speculation about potential domestic political unrest, led to the largest drop in the Japanese stock market in two months on Monday. "Today, the decline in heavyweight stocks dragged down the index," Fujiwara said. Tokyo Electron had the biggest drag on the Nikkei index, falling by 3.8%. A Mizuho Securities analyst downgraded the rating of this chip-making equipment manufacturer from "buy" to "neutral." Mitsubishi Heavy Industries rose by 4.8% for the second consecutive trading day after reaching a milestone agreement to build the next generation of warships for Australia.