TOKYO, July 22 (Reuters) - Japan's Nikkei stock average rose for a second straight session on Wednesday, with strength in semiconductor stocks helping to improve sentiment ahead of closely watched technology sector earnings reports.

The Nikkei 225 index rose 1.75 percent to 67,388.70 points. The broader Topix index gained 1.19 percent to 4,062.66 points.

The sharp rise in U.S. semiconductor stocks boosted global risk appetite, with the Philadelphia Semiconductor Index jumping 5.2 percent last night, as investors shrugged off Middle East tensions and new U.S. tariffs.

Maki Sawada, a strategist at Nomura Securities, said investors are waiting for the results of major technology companies to see how they are dealing with rising costs, with guidance from South Korea’s tech-heavy Kospi index.

She added, "If these earnings trends prove to be positive, they will likely help to dispel these concerns and provide an incentive for higher stock prices."

She added, "We are seeing a trend in the South Korean market where semiconductor-related stocks are leading a significant rise in the benchmark index. I believe this sentiment is also reflected in Japan."

Data released today showed that Japanese exports jumped 19.3 percent year-on-year in June, exceeding expectations, while imports rose 25.4 percent, confirming the resilience of demand and supporting expectations for corporate profits.

Technology suppliers and chipmakers led the Nikkei's gains, with 135 stocks rising compared to 89 that declined.

The biggest gainers in the index were Mitsui Kenzoku, which jumped 12.02 percent, followed by Taiyo Yuden, up 10.39 percent, and Kioxia Holdings, which climbed 10.38 percent.

The biggest losers were online retailer Mercury, which plunged 5.54 percent, followed by Oriental Land, the operator of Tokyo Disneyland, down 4.94 percent, and Recroit Holdings, which lost 4.88 percent.