Japanese Stocks Rise on Ueda's Comments
The Nikkei 225 index rose 0.26% to close at 38,777, while the broader Topix index edged up 0.07% to 2,737 on Friday, reversing earlier losses. The recovery followed comments from Bank of Japan Governor Kazuo Ueda, who said the central bank is ready to increase purchases of government bonds if long-term interest rates rise sharply. Meanwhile, data showed that core inflation in Japan rose to 3.2% in January, up from 3% in December, beating estimates of 3.1%.
Headline inflation also rose to 4%, up from 3.6%, the highest level in two years. The figures reinforced expectations that the BOJ will continue to raise interest rates this year. In corporate news, Nissan Motor jumped 9.5% after a report emerged that a Japanese group planned to approach Tesla for an investment in Nissan, following the collapse of merger talks with Honda Motor. Other companies that also recorded significant increases were Dena Co (+13.9%), Tokyo Electron (+1%), and Lasertec (+2.7%).
Source: Trading Economics
