Japan’s Nikkei closed at a 3-week high

Japan’s Nikkei index jumped more than 1% on Tuesday amid improved investor confidence with increased bets on a cut in US interest rates this year and continued gains in technology stocks.

According to Reuters, the Nikkei index rose 1.57% to 38,835.10 points, the highest closing level since April 15.

The broader Topix index closed 0.65% higher at 2,746.22 points.

US stocks provided new momentum as market expectations rose for the chance of the Federal Reserve (the US central bank) cutting interest rates this year. The US jobs report on Friday showed that growth slowed more than expected in April, which boosted stock buying.

Japanese stocks rose broadly amid the positive news, with 152 stocks out of a total of 225 stocks on the Nikkei index recording gains.

Shares of Japanese technology companies rose as investors returned from a long weekend to get a boost from Wall Street’s performance after the American technology giant Apple announced optimistic revenue results. The session’s gains were significantly boosted by the Nikkei index’s rise of about 600 points.

Japanese financial markets remained closed on Friday and Monday for a public holiday.

As for corporate stocks, the shares of the chip-making equipment giant Tokyo Electron jumped 5.2%, raising the Nikkei index alone 179.47 points, and the shares of the chip-related company Disco Corp also jumped 9% to record the best performance on Tuesday.

SoftBank Group shares, which invest in emerging companies that focus on artificial intelligence, rose 3.7%. Advantest, a maker of chip testing equipment, rose 2.3 percent.

Away from technology, shares of Fast Retailing, which owns the clothing brand Uniqlo, rose 3.2%, raising the Nikkei index 126.51 points.

But shares of Sony Group and Daiichi Sankyo Pharmaceutical Company fell 2.9% and 3.2%, respectively.