Japan Nikkei bounces 1.2%

Japan share market finished session higher on Friday, 09 December 2022, snapping two days losing streak, as investors took heart from overnight rally on Wall Street, with gainers were led by shares in electric power and gas, wholesale, and nonferrous metal issues.

At closing bell, the 225-issue Nikkei Stock Average index advanced 326.58 points, or 1.18%, to 27,901.01. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 20.06 points, or 1.03%, to 1,961.56.

Shares of export-oriented companies stumbled as a firm yen erodes companies' profits that have been earned overseas when repatriated. Among export-related issues, with Panasonic, Sony Group, and Advantest climbing between 1-3%

Takeda Pharmaceutical shares gained after the drugmaker said its dengue vaccine had been approved in the European Union.

Toshiba Corp shares surged after reports that its preferred bidder Japan Industrial Partners has moved closer to securing financing from banks.

CURRENCY NEWS: The dollar fetched 136.78 yen in early Asian trade, against 136.61 yen in New York late Thursday.

Wall Street closed higher on Thursday, as an increase in U.S. jobless claims raised hopes that interest rate hikes in the country could cease earlier than expected, easing fears over a potential recession in the world's largest economy. At the close of trade, the Dow Jones Industrial Average index was up 183.56 points, or 0.55%, to 33,781.48. The S&P500 index increased by 29.59 points, or 0.75%, to 3,963.51. The tech-heavy Nasdaq Composite Index inclined by 123.45 points, or 1.13%, to 11,082.

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