Japan Stocks Bounce Back at Open as US Fed Holds Rates, While Latest Economic Data Beat Expectations
Japanese stocks recovered on Thursday, buoyed by the US Federal Reserve's decision to maintain interest rates and stronger-than-expected domestic economic data.
The benchmark Nikkei 225 index rose 38.3 points at open to 40,693.00, regaining momentum after recent losses.
Japan's retail sales grew 2.0% year-on-year in June, according to government data released Thursday.
Meanwhile, factory output defied expectations by rising 1.7% month-on-month in June, contrasting with projections of a 0.6% decline.
On Wednesday, the Federal Open Market Committee voted 9-2 to keep the benchmark federal funds rate steady at 4.25%-4.5%, maintaining its stance from previous meetings this year.
Elsewhere, former US President Donald Trump announced a trade agreement with South Korea that would impose a 15% tariff on Korean exports to the US while securing $350 billion in US investments from Seoul.
Trump also revealed plans to implement a 25% tariff on Indian exports starting Friday, with likely additional penalties over India's energy purchases from Russia.
Source: MT newswires
