Japan Stocks Edge Higher as Traders Return From 3-Day Weekend
Japanese stocks climbed, rebounding from Friday’s drop, as markets reopened from a three-day weekend. A tight US presidential election kept traders on guard, while the start of an additional 30 minutes of trading in Tokyo may increase volatility toward the close.
The Topix gained 0.2%, while the Nikkei 225 Stock Average added 0.4%. Shipper Kawasaki Kisen and cosmetics company Fancl are among companies that will report earnings at 3 p.m. in Tokyo, 30 minutes before the close.
Gains were limited as polls continue to depict a tight race in the US presidential election ahead of the Federal Reserve rate decision. The yen was almost unchanged at 152.16 per dollar, after advancing 0.6% Monday.
“With Japanese stocks having fallen sharply last weekend, we may see some buying aimed at a self-sustained rebound, particularly in technology stocks such as semiconductors and export-related shares,” said Hideyuki Ishiguro, chief strategist at Nomura Asset Management.
The close of the Tokyo Stock Exchange will be increased to 3:30 p.m. from Tuesday as Japan Exchange Group Inc., the Tokyo bourse operator, seeks to streamline operations and repair its global profile after it experienced an unprecedented, day-long halt to trading in 2020.
Source : Bloomberg
