Tech stocks such as Tokyo Electron boost Japanese shares, but exporters come under pressure due to yen rebound

Glonghui May 1st｜The Nikkei 225 Index rose on Friday, mainly driven by a few tech stocks including Tokyo Electron. However, gains were limited as the yen's rebound weighed on export stocks. On Friday, Tokyo Electron announced that its net profit for the half-year ending in September is expected to grow by 36%, and its share price subsequently surged 7.9%, becoming the biggest driving force behind the Nikkei's rise. The Nikkei Index jumped 16% in April, marking its largest single-month increase since last October; the TOPIX Index climbed 6.6% over the same month. Masahiro Ishikawa, chief market strategist at Sumitomo Mitsui DS Asset Management, said: "In the short term, due to the uncertainty brought by the Middle East war, investors tend to sell stocks such as automakers. However, in the long term, investors are more willing to bet on the growth of artificial intelligence-related companies."