Japan Nikkei closes near 8-week high

8 Nov 2022 , 12:55 PM

Japanese share market finished session higher on Tuesday, 08 November 2022, as risk sentiments underpinned on following broadly positive cues from Wall Street overnight, with shares in technology, exporters, marine transportation, real estate, and financial issues being notable gainers. However, market gains capped as investors seemed reluctant to make significant moves ahead of the U.S. midterm elections on Tuesday and the release of US consumer price inflation data on Thursday. The midterm elections will determine whether Democrats maintain control of Congress, while the inflation data would give clues about how much the U.S. Federal Reserves rapid interest rate hikes are helping cool down the economy. At closing bell, the 225-issue Nikkei Stock Average index advanced 344.47 points, or 1.25%, to 27,872.11, its highest level since 15 Sept 2022. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 23.47 points, or 1.21%, to 1,957.56. Among blue chips, technology investor SoftBank Group jumped 4.9%. Phone company KDDI gained 1%. Audio equipment and game maker Sony Group jumped 3.8%. Chip related Tokyo Electron and Advantest 3.3% and 2.3%, respectively. Toshiba shares fell 1.7%, after a report said private equity fund Japan Industrial Partners submitted a bid to buy the conglomerate for $15 billion that lacks key commitments from banks. ECONOMIC NEWS: Bank of Japan says no need for immediate change in monetary policy-The Bank of Japans board members see ?no need to immediately change monetary policy,? according to the summary opinions from Octobers meeting. ?Continued monetary easing is necessary in order to raise productivity and wage levels through supply-side reforms,? the report said. The Bank of Japan summary reiterated the necessity to monitor inflationary pressures and its impact on households and wages ?while paying attention to the side effects of monetary easing.? The central bank also hinted at preparations for a shift from its current monetary stance. It said, ?It is also important to continue to examine how future exit strategies will affect the market and whether market participants will be well prepared for them,? without further elaboration. CURRENCY NEWS: Japanese yen depreciated to upper 146 level against greenback on Tuesday. The yen fetched at 146.93 per dollar at 07:18 GMT, as against previous day close of 146.575 per dollar.Powered by Capital Market – Live News