Saturday, 23 Sep, 2023


Tokyo shares turn firmer in early trade

Business Desk |
Update: 2023-03-07 10:24:23
Tokyo shares turn firmer in early trade Photo Collected

Tokyo shares turned firmer in early trade Tuesday after US shares ended mixed overnight, as investors searched for fresh clues following recent gains.

The benchmark Nikkei 225 index hovered around the previous day's close in early trade before advancing, ticking up 0.34 percent, or 95.72 points, to 28,333.50, while the broader Topix index added 0.39 percent, or 7.95 points, to 2,044.44.

"Taking the cue from the New York market which ended mixed in a narrow range, today's Tokyo market is seen starting with little change," brokerage house Monex said in a note.

The Dow ended 0.1 percent higher, while the Nasdaq lost 0.1 percent.

The Tokyo market has a modest start, but general optimism returned in early trade after the Nikkei index advanced more than 700 points in the past two sessions.

Players will turn to an address by US Federal Reserve chair Jerome Powell, slated for later in the day.

Monex said it expected investors to take wait-and-see positions before the address.

Global investors may also turn their eyes to the Bank of Japan, whose governor Haruhiko Kuroda will host his final policy board meeting later this week before his term expires next month.

While Kuroda is largely expected to maintain the current easy money policy, the market is also aware that he may choose to make slight adjustments "to lessen the burden on his successor," said Stephen Innes of SPI Asset Management.

The dollar stood at 136.04 yen, compared with 135.95 yen seen Monday in New York.

Among major shares, SoftBank Group rose 1.65 percent to 5,802 yen. Sony gained 1.10 percent to 11,970 yen.

Nintendo rose 0.37 percent to 5,197 yen. Mitsubishi UFJ Financial Group added 0.21 percent to 974.5 yen.

Nissan added 1.28 percent to 560.7 yen, while Toyota lost 0.08 percent to 1,904 yen.

Source Kalkin Media 

BDST: 1022 HRS, MAR 07, 2023

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