Japan stocks close higher amid Chinese Lunar New Year holiday

Japan’s Nikkei stock index jumped more than 1% on Monday, tracking gains on Wall Street last week, with chip-related stocks leading the way.

The Nikkei closed the day up 1.33%, at 26,906.04 points, after having reached 26,938.28 points during the trading session for the first time in a month.

Of the 225 components of the index, 182 rose, 39 fell and four were flat.

The broader Topix rose 0.96% to 1,945.38 after hitting its highest point since Dec. 16 at 1,947.88.

The yen’s retreat from last week’s seven-and-a-half-month high also helped sentiment, particularly among exporters.

Investors were even more focused on Wall Street than usual as several exchanges in Asia are closed for the Lunar New Year, said Maki Sawada, strategist at Nomura.

However, gains were limited ahead of major domestic earnings from Tuesday, she adds.

Chip equipment maker Tokyo Electron rose 2.52%. Online retailer Rakuten Group posted the best Nikkei performance, jumping 3.48%.

• In TOKYO, the Nikkei index advanced 1.33%, to 26,906 points.
• In HONG KONG, the HANG SENG index remained closed.
• In SHANGHAI, the SSEC index had no trades.
• The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, did not open.
• In SEOUL, the KOSPI index did not open.
• In TAIWAN, the TAIEX index remained closed.
• In SINGAPORE, the STRAITS TIMES index had no operations.
• In SYDNEY, the S&P/ASX 200 index advanced 0.07% to 7,457 points.