Nikkei ends higher on tech boost, stronger yen weighs
Japan’s Nikkei share average ended slightly higher, led by technology heavyweights after the Nasdaq jumped overnight, while a stronger yen weighed on exporters and limited the index’s advance.
The Nikkei edged up 0.2 percent to close at 27,402.05. Of the Nikkei components, 51 stocks rose, 171 fell and three traded flat.
“The Nikkei was lifted by technology stocks, but overall the market was not strong,” said Chihiro Ohta, assistant general manager of investment research and investor services at SMBC Nikko Securities.
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Uniqlo brand owner Fast Retailing rose 2.53 percent and was the biggest boost to the Nikkei, followed by chip-related Tokyo Electron and Advantest, which rose 2.93 percent and 3.66 percent, respectively.
Technology investor SoftBank Group gained 1.02 percent.
The broader Topix was down 0.36 percent at 1,965.17.
Toyota Motor fell 1.08 percent, dragging the Topix the most. Nissan Motor and Honda Motor lost 1.9 percent and 1.17 percent, respectively.
Mitsubishi UFJ Financial Group, which fell 1.36 percent, was the second-biggest drag on the Topix.
The banking sector fell 1.4 percent.
Sumitomo Chemical fell 8.47 percent after the maker of industrial chemicals and electronic materials cut its operating and net profit forecasts to zero.
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Japan’s Nikkei share average ended slightly higher, led by technology heavyweights after the Nasdaq jumped overnight, while a stronger yen weighed on exporters and limited the index’s advance.
The Nikkei edged up 0.2 percent to close at 27,402.05. Of the Nikkei components, 51 stocks rose, 171 fell and three traded flat.
“The Nikkei was lifted by technology stocks, but overall the market was not strong,” said Chihiro Ohta, assistant general manager of investment research and investor services at SMBC Nikko Securities.
Read Also
The S&P 500 and the Nasdaq closed sharply higher overnight after Federal Reserve Chair Jerome Powell acknowledged that inflation was starting to ease, in remarks he made following a quarter-point rate hike by the U.S. central bank.
Uniqlo brand owner Fast Retailing rose 2.53 percent and was the biggest boost to the Nikkei, followed by chip-related Tokyo Electron and Advantest, which rose 2.93 percent and 3.66 percent, respectively.
Technology investor SoftBank Group gained 1.02 percent.
The broader Topix was down 0.36 percent at 1,965.17.
Toyota Motor fell 1.08 percent, dragging the Topix the most. Nissan Motor and Honda Motor lost 1.9 percent and 1.17 percent, respectively.
Mitsubishi UFJ Financial Group, which fell 1.36 percent, was the second-biggest drag on the Topix.
The banking sector fell 1.4 percent.
Sumitomo Chemical fell 8.47 percent after the maker of industrial chemicals and electronic materials cut its operating and net profit forecasts to zero.
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