The Topix (Tokyo Price Index) as a whole increased 0.35% to 1,858.16 and is on pace to advance 1.23% for the week.
Overnight, Wall Street’s major indexes saw significant increases, supported by defensive and technology companies’ robust performance, which overcame drops for economically sensitive groups as concerns about a potential recession lingered.
Last week, the Bank of Japan kept interest rates at historically low levels, defying foreign central banks’ policy tightening, which is fuelling concerns about an impending recession.
Tokyo Electron, a manufacturer of semiconductor manufacturing equipment, increased 3,76%, giving the Nikkei the greatest lift in Japan. Daikin Industries, a manufacturer of air conditioners, increased 2.79%. Platform M3 for medical services increased by 6.91%.
Shionogi & Co, a pharmaceutical company, increased 4.51% after announcing a share buyback. Mitsubishi Motors tanked 6.97% to become Nikkei’s worst-performing company, and Subaru shed 4.04%.
The Topix was most negatively impacted by Toyota Motor’s 1.36% loss in stock price.
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