URA - Japan weighing development of new nuclear reactors in major policy shift

Nuclear names open higher after Japanese Prime Minister Fumio Kishida said on Wednesday the government plans to restart more idled nuclear plants and explore development and construction of next-generation reactors, setting the stage for a significant policy shift a decade after the Fukushima disaster.

Among potentially relevant tickers: ( UUUU ) +13.5% , ( DNN ) +12.7% , ( UROY ) +11.4% , ( OTCQX:FCUUF ) +10.5% , ( URG ) +9.1% , ( UEC ) +9% , ( NXE ) +8.9% , ( NYSE: CCJ ) +8.8% , ( LEU ) +8.2% , ( OTCQB:UEXCF ) +5.9% .

Shares of Tokyo Electric Power ( OTCPK:TKECF ), Mitsubishi Heavy Industries ( OTCPK:MHVYF ) and Japan Steel Works all rose sharply in Japanese trading.

ETFs: ( NYSEARCA: URA ), ( NLR ), ( URNM )

Japan has kept most of its nuclear plants idled since the 2011 disaster that was triggered by a massive earthquake and tsunami, but now Kishida says nuclear power and renewables are "essential to proceed with a green transformation," because Russia's invasion "changed the global energy situation."

The prime minister said Japan wants to restart seven more nuclear reactors starting next summer, which would bring the number of reactors brought back online after Fukushima to 17 out of a total 33 operable units.

Kishida also wants to consider extending the lifespan of existing reactors beyond the current maximum of 60 years.

Cameco ( CCJ ) recently reported strong Q2 results , and as "uranium stages a comeback, the market starts to notice," Michael Wiggins de Oliveira writes in a bullish analysis posted on Seeking Alpha .

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