Japan Nikkei extends gain

Japan share market finished session slight higher on Monday, 28 February 2022, as investors continued hunting on recently beaten down shares on tracking the broadly positive cues from Wall Street on Friday and on hopes that planned talks between Ukraine and Russia later in the day may prevent the conflict from becoming drawn out.

However, market gains were limited amid heightened Russia-Ukraine tensions as Western nation's unveiled harsher sanctions on Russia and Russian President Vladimir Putin put Russia's nuclear deterrent on high alert, citing aggressive statements by leading NATO countries. Japan joined Sunday the United States and the European Union in blocking some Russian banks from accessing the international payment system SWIFT.

At closing bell, the 225-issue Nikkei Stock Average advanced 50.32 points, or 0.19%, to 26,526.82. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 10.69 points, or 0.57%, to 1,886.93.

Total 30 of 33 TSE issues advanced, with top performing sectors were Marine Transportation (up 3.6%), Nonferrous Metals (up 2.8%), Iron & Steel (up 2.8%), Mining (up 2.5%), and Electric Power & Gas (up 2.2%), while bottom performing issues included Wholesale Trade (down 0.8%) and Electric Appliances (down 0.2%).

Shares of energy-related issues drew buying on expectations that crude oil prices would continue to rise. Oil explorer Inpex climbed 2.65 to 1,185 yen, Idemitsu Kosan edged up 0.85 to 3,080 yen, and Cosmo Energy Holdings gained 2.65 to 2,596 yen.

ECONOMIC NEWS: Japan Industrial Production Dives 1.3% On Month In January- Japan industrial output fell a seasonally adjusted 1.35 on month in January, the Ministry of Economy, Trade and Industry said on Monday, following the 1.05 drop in December. On a yearly basis, industrial production sank 0.95 following the 2.75 increase in the previous month. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it is showing signs of upward movement. Industries that contributed to the decline included motor vehicles, iron and steel and chemicals. These were offset by increases among electronic parts and production machinery. Shipments were down 1.85 on month and 1.25 on year, while inventories fell 1.85 on month and climbed 4.15 on year. The inventory ratio was down 1.35 on month and up 4.15 on year.

Japan Retail Sales Rise Up 1.6% On Year In January- Japan retail sales was up 1.65 on year in January, the Ministry of Economy, Trade and Industry said on Monday, up from the downwardly revised 1.25 gain in the previous month (originally 1.45). On a seasonally adjusted monthly basis, retail sales tumbled 1.95, following the downwardly revised 1.25 decline in December.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.189, up from 96.615. The Japanese yen traded at 115.52, strengthening slightly from 115.56.

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