Japan Market ends higher

Japan share market finished higher for second straight session on Wednesday, 22 December 2021, as sentiment was lifted up on tracking overnight advances on Wall Street. Market gains were, however, capped on concerns about coronavirus after reports emerged that community spread of Omicron had been detected in the western city of Osaka.

At closing bell, the 225-issue Nikkei Stock Average advanced 44.62 points, or 0.16%, to 28,562.21. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 1.72 points, or 0.09%, to 1,971.51.

Shares of Sony Corp surged 2.8% after its Indian subsidiary finalized a deal with local rival Zee Entertainment to merge their television channels, film assets and streaming platforms.

Eisai shares advanced 1.2% after reports that Japan's health ministry expected to discuss the approval of an Alzheimer's treatment jointly developed by the Japanese pharmaceutical firm and its US partner Biogen.

ECONOMIC NEWS: Minutes of the Bank of Japan's Monetary Policy stated that the country's economy is trending in a positive direction but remains at risk due to Covid-19 and its variants. The members said the central bank will continue its current favourable monetary policy until the country reaches its price stability target of 2 percent. Interest rates will remain at current levels for the time being, and the members did not rule out additional stimulus if they deemed it necessary. They added that the depreciation of the yen has positively affected Japan's economy through higher stock prices and an increase in profits. At the meeting, the BoJ maintained its monetary stimulus and downgraded its growth outlook for the current fiscal year as supply-side constraints dampened production and exports amid weak consumption.

CURRENCY NEWS: The Japanese yen traded at 114.17 per dollar following a recent weakening from levels below 113.7 against the greenback.

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