Japan Nikkei ends lower with eyes on US Fed move

Japan share market finished session modestly higher on Tuesday, 13 December 2022, as a wide range of issues were bought on tracking upbeat lead from Wall Street overnight, yen depreciation to mid-137 level against greenback, and on hopes the Federal Open Market Committee (FOMC) would take a less hawkish stance on rate rises.

At closing bell, the 225-issue Nikkei Stock Average index advanced 112.52 points, or 0.4%, to 27,954.85. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 8.35 points, or 0.43%, to 1,965.68.

Total 28 of 33 TSE sectors closed higher, with Marine Transportation issue outperformed with gain of 1.35%. Meanwhile, Pharmaceutical (up 1.5%), Warehousing & Harbor Transportation Services (up 1.3%), Insurance (up 1.3%), Air Transportation (up 1.05%), and Iron & Steel (up 1%) sectors were notable gainers. Rubber Products issue was worst performer, falling 0.6%.

Shares of export-oriented companies rose as yen depreciation against greenback improved companies' profits that have been earned overseas when repatriated. Among export-related issues, Sony Group grew 1.05% to 10,990 yen and Uniqlo operator Fast Retailing jumped 1.52% to 85,180 yen. Toyota, meanwhile, also added 0.28% to 1,968.5 yen.

CURRENCY NEWS: The Japanese yen depreciated 0.03% to 137.62 against US dollar in Asian trade after trading in range between 137.32-137.96.

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