Japanese Shares Track Wall Street Rebound
The Nikkei 225 Index rose 0.5% to around 36,400 while the broader Topix Index gained 0.1% to 2,582 on Tuesday, recouping losses from the previous session and tracking Wall Street's rebound from last week's selloff as investors look forward to the first Federal Reserve interest rate cut later this month.
Domestic stocks also got a reprieve from a pullback in the yen, allaying fears about further unwinding of popular carry trades. Meanwhile, solid growth, rising wages and persistent inflationary pressures continued to support bets that the Bank of Japan will raise interest rates again before the year ends.
Notable gains were seen from index heavyweights such as SoftBank Group (0.8%), Mitsubishi UFJ (0.9%), Sumitomo Mitsui (1.4%), Renesas Electronics (1.1%) and Hitachi (0.7%).
Source : Trading Economics
