Japan Market gains on Fed slowdown hopes

24 Nov 2022 , 02:44 PM

Japan share market finished session modestly higher on Thursday, 24 November 2022, catching up with a rally on Wall Street over the past two sessions after minutes from the US Federal Reserve signalled it could slow its rate hikes. Japan share market closed on Wednesday on account of Workers Day holiday. At closing bell, the 225-issue Nikkei Stock Average index advanced 267.35 points, or 0.95%, to 28,383.09. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 24.05 points, or 1.21%, to 2,018.80. Investors risk sentiments perked up after Fed minutes from its November gathering showed policymakers were readying to curb the speed of their interest rate hikes, having lifted them a bumper 75 basis points at each of the past four meetings. Shares of semiconductor-related companies advanced on tracking gains in US peers. Advantest, which makes testing kits for microchips, jumped 4.56% to 9,400 yen and Tokyo Electron, which makes tools to build semiconductors, rose 3.55% to 46,380 yen. Shares of shipping firms were higher, with Mitsui O.S.K. Lines jumping 4% to 3,250 yen while Kawasaki Kisen soared 4.17% to 2,646 yen. Shares of sports and entertainment companies jumped in Tokyo after Japans surprise win over Germany in a World Cup match. Cyberagent, whose streaming service provides free World Cup coverage, surged 6.9% to 1,294 yen Sporting goods maker Mizuno Corp. climbed 6% while pub chain operator Hub Co. soared 11%. Brewery and Japan team sponsor Kirin Holdings Co. and national broadcasters including Fuji Media Holdings Inc. edged higher. Drugmaker Shionogi edged up 0.26% to 7,190 yen after the company said Japans health ministry had given emergency approval for its Covid-19 drug. Toshiba declined 2% to 4,762 yen after a report said a consortium led by Japan Industrial Partners Inc was considering lowering its offer to buy the conglomerate. CURRENCY NEWS: The dollar stood at 138.93 yen, compared with 139.52 yen seen Wednesday in New York. Powered by Capital Market – Live News