Japan Nikkei gains on BOJ ultra-ease stance, Russia-Ukraine peace talks

Japan share market finished session higher on Tuesday, 29 March 2022, as the resumption of peace talks between Russia and Ukraine boosting investor sentiment. Meanwhile, the market was underpinned by demand for securing rights for dividend payouts.

Also boosting market sentiments was the Bank of Japan vow to defend a key yield cap, offering to buy unlimited government bonds for the first four days of this week in the face of mounting inflationary pressures.

At closing bell, the 225-issue Nikkei Stock Average advanced by 308.53 points, or 1.1%, to 28,252.42. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 18.29 points, or 0.93%, to 1,991.66.

Shares of exporters advanced as the yen depreciating to upper 123 level against the dollar, with shares in auto and parts makers and shippers led gains. Toyota Motor rose 2.2%, Honda Motor gained 1.78% and Nissan Motor climbed 1.52%

ECONOMIC NEWS: Japan Jobless Rate At 2.7% In February- Japan jobless rate came in at a seasonally adjusted 2.7% in February, the Ministry of Communications and Internal Affairs said on Tuesday, as compared to 2.8% in January. A year earlier, the unemployment rate was at 2.9%. The job-to-applicant ration was 1.21. The participation rate was 61.8%, exceeding estimates for 61.7%, which would have been unchanged.

CURRENCY NEWS: The Japanese yen was trading at around 123.60 against greenback in Tokyo trading Tuesday after the Bank of Japan's offer Monday to buy unlimited amounts of 10-year JGBs at 0.25% for the first four days of this week. At 5 p.m., the dollar stood at 123.57-61 yen, down from 123.92-93 yen at the same time Monday. The euro was at 135.92-99 yen, up from 135.71-72 yen.

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