Japan’s Nikkei average rose on Monday, led by iPhone-related stocks after the United States excluded smartphones and other electronics from steep tariffs.
The Nikkei rose 1.5% to 34,086.16 as of 02:18 GMT, having risen 2.22% earlier in the session.
The broader Topix rose 1.45% to 2,502.86.
“The market is still influenced by various headlines,” said Yugo Tsuboi, chief strategist at Daiwa Securities.
“And none of them are enough to encourage investors to hold stocks with confidence.”
U.S. President Donald Trump’s administration approved exemptions from steep tariffs on smartphones, computers and some other electronics imported mainly from China, a major boon for import-reliant technology companies such as Apple.
However, both Trump and U.S. Commerce Secretary Howard Lutnick said over the weekend that those goods would be subject to separate tariffs along with semiconductors, which could be implemented in a month or so.
On April 2, Trump announced high tariffs on dozens of countries, triggering a market crash, but the policy was frozen for 90 days soon after it took effect.
A flat 10% tariff on almost all U.S. imports remains in effect.
The Nikkei has fallen 4.23% since Trump’s so-called “Liberation Day,” following a week of sharp swings. Investors are trying to assess the consequences of U.S. trade policy, and these sudden swings have heightened their anxiety.
However, smartphone and chip-related stocks rose on Monday.
Murata Manufacturing, which supplies parts for iPhones, rose 1.43%, and electronic parts maker TDK rose 5.2%. Chip testing equipment maker Advantest rose 3.84%.
Of the more than 1,600 stocks traded on the Tokyo Stock Exchange’s main market, 89% rose, 9% fell and 1% were flat.
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