Japan Nikkei gains marginally; Attack on ex-PM Abe cap upside

8 Jul 2022 , 03:57 PM

Japan share market closed marginally higher on Friday, 08 July 2022, as positive lead from Wall Street overnight on eased concerns over the US Federal Reserves aggressive rate hikes was offset by news of the gun attack on former Prime Minister Shinzo Abe in the western city of Nara on Friday morning during a stump speech. At closing bell, the 225-issue Nikkei Stock Average advanced 26.66 points, or 0.1%, to 26,517.19. The broader Topix index of all First Section issues on the Tokyo Stock Exchange inclined 5.10 points, or 0.27%, to 1,887.43. Tokyo stocks were higher in the morning, supported by receding concerns over the Feds aggressive rate hikes after its Governor Christopher Waller said he supported a 0.75 percentage point rate hike for July, but a 0.50 increase in September. But, the market swiftly lost gains on news that former Prime Minister Shinzo Abe was shot on a campaign trail in Nara Prefecture for the House of Councillors election scheduled for Sunday. Tech shares were higher on tracking gain in their US peers. Tokyo Electron climbed 1.7% to 43,550 yen, Screen Holdings gained 1.7% to 9,000 yen, and Taiyo Yuden rose 1.2% to 4,565 yen. CURRENCY NEWS: The U.S. dollar briefly fell into the lower 135 yen range in the afternoon from around the 136 yen line as investors sought the Japanese currency following the attack on Abe. At 5 p.m., the dollar fetched 135.83-85 yen compared with 135.95-136.05 yen in New York and 136.11-14 yen in Tokyo at 5 p.m. on Thursday.Powered by Capital Market – Live News