Japan Market gains on on solid earnings

8 Feb 2022 , 04:45 PM

Japan share market finished session slightly higher on Tuesday, 08 February 2022, as investors reacted to a string of positive earnings results, while caution over the tightening of U.S. monetary policy capped gains.

At closing bell, the 225-issue Nikkei Stock Average added 35.65 points, or 0.13%, to 27,284.52. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 8.07 points, or 0.42%, to 1,934.06.

Shares of air and land transportation issues advanced on hopes wave of COVID-19 infections in Japan would be brought under control as the government seeks to expedite the rollout of booster shots and hit a target of administering 1 million jabs per day forthwith. West Japan Railway added 4.2%, while Odakyu Electric Railway rose 4.7%. ANA Holdings, meanwhile, ended the day 2.5% higher.

Shares of KDDI climbed 1.6% and Yamaha rose 3.2%, after upwardly revising its earnings forecast for the business year through March.

Shares of air conditioner maker Daikin Industries gained 0.4%, after reporting upbeat earnings and sales.

Shares of Subaru declined 0.6%, after the automaker downgraded its earnings forecast owing to the downside effects of the global semiconductor shortage.

ECONOMIC NEWS: Japan Posts Y370.8 Billion Current Account Deficit In December- Japan posted a current account deficit of 370.8 billion yen in December, the Ministry of Finance said on Tuesday following the 897.3 billion yen surplus in November. Exports were up 18.7% on year at 7.797 trillion yen, while imports surged an annual 44.8% to 8.115 trillion yen for a trade deficit of 318.7 billion yen. The financial account saw a deficit of 34.7 billion yen, while the capital account had a shortfall of 58.4 billion yen. For all of 2021, the current account surplus was 15.435 trillion yen – down 2.8% on year.

CURRENCY NEWS: The U.S. dollar inched up into the mid-115 yen range as importers bought the unit for settlement purposes. At 5 p.m., the dollar fetched 115.48-50 yen compared with 115.04-14 yen in New York and 115.25-27 yen in Tokyo at 5 p.m. Monday.

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