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Japanese Stocks Rise On US Tech Earnings; Oil Gains

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Japanese stocks gained on Wednesday after strong earnings from US technology companies increased investors' confidence in artificial intelligence spending.

The benchmark Nikkei 225 closed up 553.84 points, or 0.83%, at 67,524.06.

Oil prices rose as Houthi attacks in the Red Sea raised concerns about the safety of a key energy supply route, while escalating US-Iran tensions over a deadlock on opening the Strait of Hormuz added to the Middle East crisis.

On the corporate side, Tokio Marine Holdings (TYO:8766) posted a 3.3% year-over-year increase in net income attributable to owners of the parent to 264.3 billion yen for the three months ended June 30 from 256 billion yen, according to a Wednesday release.

Also, Archion (TYO:543A) posted an attributable profit of 251.5 billion yen in the fiscal first quarter, compared with a combined pro forma attributable profit of 18.2 billion yen a year ago.

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