(Bloomberg) — Tokyo Electron Ltd. led a rally in Asian chip stocks after Reuters reported the Biden administration planned to exempt chip equipment makers from Japan, the Netherlands and South Korea from upcoming export restrictions.
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Tokyo Electron stock rose 7.4%, the most since February. Disco Corp. rose 5.8% and Screen Holdings Co. rose 9.2%.
The US plans to invoke the Foreign Direct Product rule to prevent export of products that use any American technology from around the world to about half a dozen Chinese semiconductor manufacturing facilities, Reuters said. But it’s excluding allies such as Japan and the Netherlands, home to major chip gear maker ASML Holding NV.
Bloomberg News earlier reported on the discussions around the Foreign Direct Product rule from the US Commerce Department.
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