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Japan topped global stock rises in May, led by chip sector

Investors shun China risk, yet some doubt Tokyo hype will last

TOKYO -- The recent momentum of the Nikkei Stock Average, which has seen a series of post-bubble highs, is turning the heads of global equity investors. In May, the Nikkei 225 saw the sharpest rise among major global stock indexes.

The bull run in Tokyo is led by semiconductor and related stocks, which are expected to see higher investment and customer demand as companies look to cut their exposure to China. But the excitement over Japanese shares stems as much from a lack of optimism in other markets, with uncertainty growing over the health of the global economy. This has raised doubts about the durability of the rally in Japanese equities.

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