TOKYO - The Nikkei stock index surged over 3 percent Thursday morning, boosted by technology shares after U.S. tech giant Micron Technology Inc. reported robust earnings and a drop in crude oil futures.
The 225-issue Nikkei Stock Average rose 2,679.91 points, or 3.87 percent, from Wednesday to 71,854.88. The broader Topix index was up 52.85 points, or 1.33 percent, at 4,016.61.
The U.S. dollar traded narrowly, mostly in the upper 161 yen range in Tokyo amid lingering speculation over a U.S. Federal Reserve rate hike but pressured by wariness over approaching the historically weak level of 162 yen line.
At noon, the dollar fetched 161.71-72 yen compared with 161.74-84 yen in New York and 161.71-73 yen in Tokyo at 5 p.m. Wednesday.
The euro was quoted at $1.1363-1363 and 183.76-77 yen against $1.1353-1363 and 183.70-80 yen in New York and $1.1351-1352 and 183.56-60 yen in Tokyo late Wednesday afternoon.
The Nikkei stock index climbed, recovering to the 71,000 level, as concern over a fall in demand for memory chips used in artificial intelligence data centers faded.
The Nikkei lost over 3,100 points in the two trading days through Wednesday.
"The market trend seen over the past few days has reversed," said Wataru Akiyama, strategist in the Investment Content Department of Nomura Securities Co.
The overnight decline of the benchmark West Texas Intermediate crude oil futures briefly fell below $70 per barrel also lifted the market.
