Japan Nikkei extends gain on upbeat offshore cues

Japanese share market finished session modestly higher on Wednesday, 19 October 2022, as risk sentiments underpinned following the broadly positive cues from Wall Street overnight, positive reaction to upbeat earnings news from US financial companies and renewed optimism over upcoming earnings.

At closing bell, the 225-issue Nikkei Stock Average index inclined by 101.24 points, or 0.37%, to 27,257.38. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 3.62 points, or 0.19%, to 1,905.06.

Utilities were up, with Tokyo Electric Power Company gaining 2.7% while Tokyo Gas Co added 2.4%.

Credit Saison Co declined 7.1%, after it emerged that City Index Eleventh, a fund backed by activist investor Yoshiaki Murakami, had reduced its holdings in the credit services firm from 5.06% to 3.98%.

Stocks in Apple suppliers Murata Manufacturing Co, Ibiden Co, and TDK Corp all fell after a report that the U.S. tech giant is cutting iPhone 14 Plus orders weeks after the new model went on sale.

CURRENCY NEWS: The dollar hit yet another 32-year high near 149.50 yen in Tokyo trading on Wednesday, lifted by buying stemming from rising U.S. long-term interest rates. At 5 p.m., the dollar stood at 149.34-34 yen, up from 148.96-96 yen at the same time Tuesday.

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