The Biden administration has promised tens of billions of dollars to support construction of US chip foundries and reduce reliance on Asian suppliers, which Washington sees as a security weakness.
President Joe Biden virtually joined Michigan Governor Gretchen Whitmer Tuesday to celebrate the CHIPS and Science Act, which aims to boost U.S. competitiveness against China by allocating billions of dollars toward domestic semiconductor manufacturing and scientific research. "This bill makes it clear the world's leading innovation will happen in America. We will both invent in…
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By Reuters Staff
2 Min Read
TOKYO, April 16 (Reuters) - Japan’s Topix edged lower on Friday as gains in heavyweight chip stocks were capped by investor concerns about Japanese corporate outlook ahead of the earnings season.
The broader Topix was down 0.19% to 1,955.50 by 0209 GMT, while the Nikkei index were almost flat at 29,636.41.
“Investors are getting cautious about corporate outlook ahead of earnings season starting next week,” said Shingo Ide, chief equity strategist at NLI Research Institute.
“Their expectations were so strong that now they are concerned more firms might follow Yaskawa Electric which didn’t meet market expectations.”
Japanese major manufacturers will kick off their annual corporate earnings season next week, starting with electronic components maker Nidec on Thursday.