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Japan Nikkei gains 1.5%

Japan Nikkei gains 1.5%

July 07, 2022 4:01 IST | capital market
Japan shares were mostly higher on Thursday, 07 July 2022, with the Nikkei225 index closing above the neural line, on tracking positive lead from Wall Street overnight after the minutes from the U.S. Federal Reserve meeting in June provided a sense of relief, although gains were capped by a resurgence in COVID-19 cases in Japan. At closing bell, the 225-issue Nikkei Stock Average advanced 382.88 points, or 1.47%, to 26,490.53. The broader Topix index of all First Section issues on the Tokyo Stock Exchange inclined 26.36 points, or 1.42%, to 1,882.33. Tokyo shares were in positive territory throughout the day after the minutes of the two-day Fed policy meeting, released Wednesday, contained no major surprises regarding its aggressive stance, noting that the central bank supported a 0.50 or 0.75 percentage point rate hike for July to tame inflation. The minutes also did not mention a possible recession in the United States, putting market participants at ease Shares of exporters were up, with Toyota climbing 2.3% and Honda rallying 1.45%. Sony Group surged 3.7%, industrial robot maker Fanuc rallied 3.8%, and chip-making equipment maker Tokyo Electron gained 1.9%. Real estate firms were also higher. Mitsubishi Estate Company added 2.7% and Nomura Real Estate Holdings rose 2.2%. Shares of land and air transportation issues closed lower as resurgence in COVID-19 cases in Japan. Keisei Electric Railway fell 2%, Central Japan Railway slipped 0.9%, while Japan Airlines sank 1.2%. Travel agency H.I.S. slid 0.4%, while Oriental Land, operator of Tokyo Disney Resort, declined 0.8%. Aeon shares closed 11% higher, a day after the retailer released solid earnings for the March-May business period that saw its operating profit hit a record high. CURRENCY NEWS: The U.S. dollar edged up to the lower 136 yen line following an overnight rise in U.S. Treasury yields. At 5 p.m., the dollar fetched 136.11-14 yen compared with 135.85-95 yen in New York and 135.42-44 yen in Tokyo at 5 p.m. on Wednesday. Powered by Capital Market - Live News

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