TOKYO (Reuters) -Japan’s Nikkei share average ended higher on Monday, as iPhone-related shares jumped after the United States excluded smartphones and other electronics from steep tariffs.
The Nikkei gained 1.18% to close at 33,982.36, after gaining as much as 2.22% earlier in the session.
The broader Topix rose 0.88% to end at 2,488.51.
"The market is still swayed by various headlines," said Yugo Tsuboi, chief strategist at Daiwa Securities.
"And none of them are good enough to encourage investors to take their positions confidently."
U.S. President Donald Trump’s administration granted exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China, providing a big break to tech firms like Apple (NASDAQ:AAPL) that rely on imported products.
However, both Trump and U.S. Commerce Secretary Howard Lutnick said over the weekend these goods will come under separate tariffs, along with semiconductors, that may be imposed in a month or so.
Trump had announced hefty reciprocal tariffs on dozens of countries on April 2, triggering a market rout, but reversed them with a 90-day freeze shortly after they went into effect.
A 10% blanket duty on almost all U.S. imports remains in effect.
The Nikkei has declined 5% since what Trump called "Liberation Day", after posting huge swings last week. The sudden moves underscored investor anxieties as they tried to gauge the fallout from the U.S. trade policy.
Still, shares of iPhone suppliers rose on Monday, with Murata Manufacturing gaining 1.65%. TDK (OTC:TTDKY) jumped 4.27% and Taiyo Yuden (OTC:TYOYY) surged 6%.
Chip-testing equipment maker Advantest jumped 4.92% to provide the biggest boost to the Nikkei.
Of more than 1,600 stocks trading on the Tokyo Stock Exchange’s prime market, 80% rose, 16% fell, while 2% traded flat.