Japanese Stocks Edge Higher as Consumer Price Data Support Banks
Japanese stocks rose as banks advanced after data showed consumer prices came out higher than economists expected. Defensive shares such energy companies and drugmakers were also firm.
Topix Index rose 0.3% to 2,803.88 as of 9:20 a.m. Tokyo time
Nikkei 225 advanced 0.4% to 37,885.20
Chip-related stocks also performed well after Micron Technology Inc., the largest US maker of computer memory chips, gave a strong sales forecast for the current quarter. Meanwhile, gains in the yen weighed on automakers after Federal Reserve officials held their benchmark interest rate steady. Japan’s stock market was closed Thursday for a holiday.
Sony Group Corp. contributed the most to the Topix Index gain, increasing 2.3%. Out of 1,692 stocks in the index, 795 rose and 804 fell, while 93 were unchanged. The yen rose slightly to 148.71 per dollar after touching 150.15 on Wednesday after the BOJ kept rates unchanged.
“The yen’s strength and concerns about Trump’s tariffs could weigh on Japanese stocks,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. “But the fact that monetary policy meetings in Japan and the US passed without incident will support Japanese stocks.”
Fed Chair Jerome Powell acknowledged the high degree of uncertainty from President Donald Trump’s significant policy changes, but repeated the central bank is not in a hurry to adjust borrowing costs.
Source : Bloomberg
