Japan's Nikkei surges on trade deal hopes lift tech; Toyota Industries slides
By Rocky Swift
TOKYO, June 4 (Reuters) - Japanese stocks snapped a three-session skid on Wednesday after the yen weakened and hopes rose for a potential trade deal that could reopen the technology markets with China.
The benchmark Nikkei 225 Index .N225 closed 0.8% higher, while the broader Topix .TOPX added 0.5%. Gainers outnumbered decliners on the Nikkei, with 138 stocks advancing versus 82 ending in the red.
Chip sector heavyweights Advantest 6857.T and Disco 6146.T rose 1.9% and 1.2%, respectively, following U.S. tech shares' overnight gains.
Nintendo 7974.T jumped 3.4% ahead of the debut of its much-anticipated Switch 2 console on Thursday.
Nvidia NVDA.O and other chipmakers drove gains in U.S. stocks overnight ahead of the talks between U.S. President Donald Trump and China's leader Xi Jinping this week to address tariff and trade disputes that have roiled global markets.
The trend of rising semiconductor stocks spread to the Japanese stock market on the day along with hopes of progress in trade talks, Wataru Akiyama, a strategist at Nomura Securities, said.
"Semiconductor-related shares are on the rise due to expectations of strong results stemming from chip demand centred around AI."
The yen JPY= was little changed at 143.94 per dollar, after a 0.9% slide on Tuesday, benefiting exporters.
The United States is expecting countries to make their best offers on trade negotiations by Wednesday as sweeping tariffs loom. However, Japan has not received a letter from the U.S. seeking its best proposals on trade talks, Chief Cabinet Secretary Yoshimasa Hayashi said.
Toyota Industries 6201.T slid 12% after Toyota Motor 7203.T said it would take the forklift maker private in a $33 billion deal, much lower than the amount indicated in earlier media reports. Toyota Motor's shares climbed 1.9%.
The largest percentage gainers on the Nikkei were Furukawa Electric 5801.T, up 6.3%, followed by Tokuyama 4043.T, which gained 6%.
The biggest losers were BayCurrent 6532.T, down 2.3%, followed by Yamato Holdings 9064.T, which shed 1.8%.
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