Nikkei rally: Japanese shares rally on hopes of earnings recovery, chip output hike

Synopsis
The Nikkei share average rose 1.13% to 29,720.62, reaching its highest level in two weeks. The broader Topix added 0.57% to 1,968.76.
Agencies
TOKYO: Japanese shares rallied on Friday, on hopes of earnings recovery and gains in semiconductor-related shares as they look to raise their outputs to deal with a global shortage of chips.
The Nikkei share average rose 1.13% to 29,720.62, reaching its highest level in two weeks. The broader Topix added 0.57% to 1,968.76.
“We are entering a phase where the stock market rallies even as interest rates rise because of strong earnings growth. This stage will eventually lead to an overheated market but we are not there yet,” said Masayuki Kubota, chief strategist at Rakuten Securities.

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