TOKYO, March 23 (Reuters) - Japanese equities advanced on Tuesday as investors bought chip-related shares following a tech rebound on Wall Street overnight, while automakers rebounded from sharp losses in the previous session.
"The Japanese market does not have an independency. It's been obvious these days. What's happened overnight in the U.S. is happening in Japan a day after," said Koichi Kurose, chief strategist at Resona Asset Management.
Chip-related shares advanced, tracking the tech-heavy Nasdaq .IXIC which outpaced the S&P 500 .SPX and the Dow .DJI overnight as 10-year U.S. Treasury yields eased from 14-month highs. .N Electron 8035.T and TDK Corp 6762.T added 3.28% and 1.84%, respectively, while Shin-Etsu Chemical 4063.T gained 1.37% and Advantest 6857.T advanced 1.21%. Nikon Corp 7731.T rose 3.15%.
Japan Exchange Group 8697.T jumped 3.55% after the operator of the Tokyo Stock Exchange raised its full-year net profit forecast to 51.5 billion yen ($473.17 million) from 45.5 billion yen. rebounded from Monday's losses, which were driven by concerns around potential chip shortages due to a fire at a plant of semiconductor supplier Renesas Electronics 6723.T . Toyota Motor 7203.T rose 1.24%, while Suzuki Motor 7269.T and Nissan Motor 7201.T jumped 2.83%. Renesas gained 3.08%.
There were 125 advancers on the Nikkei index against 95 decliners.
($1 = 108.8400 yen)
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