Tokyo, Nov. 9 (Jiji Press)–Japanese stocks rebounded on Monday as investors bought back a wide range of shares following a significant sell-off late last week. The benchmark Nikkei 225 stock average climbed 1,340.73 points, or 2.33 pct, to 58,775.50, posting the first increase in six trading days. The broader TOPIX index finished up 110.17 points, or 2.97 pct, at 3,818.16. In U.S. trading on Friday, investor sentiment somewhat improved on a respite from the recent massive selling of artificial intelligence-related shares. The Philadelphia Semiconductor Index surged 4 pct. AI-related stocks in Tokyo, including makers of semiconductor manufacturing equipment and electrical wires, also advanced on Monday. “Concerns about further market falls were eased by a pause in the decline of AI stocks, on which investments had previously been focused,” said an official of a major securities firm. However, given that the Nikkei lost more than 7,000 points during the five sessions through Friday, an official at a midsize securities firm noted that Monday’s gains were “merely a natural reaction to (last week’s) steep losses.” Additionally, concerns over the profitability of the AI industry and the sustainability of massive investments in the sector remain unresolved. SoftBank Group, an investor in OpenAI, extended its losses after reports that the U.S. company had scaled back its fundraising plans. Chipmaker Kioxia Holdings also lost momentum after initial gains. END [Copyright The Jiji Press, Ltd.]
