Japan Stocks end mixed ahead of Fed decision

2 Nov 2022 , 03:28 PM

Japanese share market finished session with a mixed note on Wednesday, 02 November 2022, amid soft lead from Wall Street overnight and nervousness ahead of the Federal Reserves monetary policy announcement, due later in the global day, at which the central bank is expected to offer some clues about its path forward. At closing bell, the 225-issue Nikkei Stock Average index declined 15.53 points, or 0.06%, to 27,663.39. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 1.96 points, or 0.1%, to 1,940.46. Wall Street stocks slipped overnight, after a survey of American manufacturers showed the sector barely in growth mode in October, a weak reading which was offset by Labor Department data showing a surge in open positions in September. The central banks Federal Open Market Committee is expected to implement its fourth consecutive 0.75 percentage point rate rise on Wednesday in an attempt to cool inflation that remains at the highest level in decades. Investors will also be watching closely for any indication that the Fed is prepared to slow its pace of raises in December. The biggest gainers of the session on the Nikkei 225 were Panasonic Corp (up 9.8%), Nichirei Corp (up 8.9%), and Subaru Corp (up 7%). Biggest losers included Kao Corp (down 8.7%), CyberAgent Inc (down 8.5%), and Sumitomo Chemical Co (down 5.3%). Sony Group shares surged 7% after the conglomerate on Tuesday raised its annual net profit and sales forecasts, citing the weak yen. ECONOMIC NEWS: Minutes from the Bank of Japans policy meeting in September showed several officials stressed the need to maintain the banks easing policy. Officials took note of an increased number of companies passing on their rising costs to consumers. One participant urged the BOJ to monitor the yens movements, as a weaker currency could further aggravate inflationary pressure. Many of the officials stressed the need to maintain the banks easing policy. They pointed out that Japan has yet to see stable price rises accompanied by wage hikes. ne member mentioned a possible exit strategy from the BOJs currently loose policy. The official said the bank will need to properly communicate with the market when that time comes. CURRENCY NEWS: The dollar fetched 147.82 yen in Asian trade, against 148.23 yen in New York on Tuesday.Powered by Capital Market – Live News