Japan Nikkei rebounds on buybacks

Japanese share market finished session slight higher on Friday, 15 September 2022, as investors chased for bargain hunting after steep falls the previous day, with travel and transportation-linked stocks led rebound on continued hopes for a rebound in demand.

However, market were limited amid lingering concerns over chances of aggressive rate hikes from the Federal Reserve after a hotter than expected US inflation report.

At closing bell, the 225-issue Nikkei Stock Average index advanced 57.29 points, or 0.21%, to 27,875.91. The broader Topix index of all First Section issues on the Tokyo Stock Exchange grew 2.97 points, or 0.15%, to 1,950.43.

Shares of travel and tourism related companies advanced on persistent hopes for a rebound in inbound tourism as Japan aims to ease travel restrictions in October. Japan Airlines increased 1.9%, while ANA Holdings surged 1.7%.

Tech stocks were also higher. Semiconductor equipment maker Tokyo Electron climbed 1.1%, while Kyocera went up 0.2%. Technology investor SoftBank Group climbed 0.6%, following reports it planned to launch a third Vision Fund.

CURRENCY NEWS: The dollar was trading in the upper 143 yen range after stronger-than-expected U.S. consumer price index data on Tuesday fuelled expectations that the Federal Reserve will likely continue raising interest rates aggressively to tame inflation. But the dollar's rise was capped as caution prevailed in the market over possible yen-buying intervention by Japanese monetary authorities. At 5 p.m., the dollar fetched 143.56-58 yen compared with 143.12-22 yen in New York and 143.30-33 yen in Tokyo at 5 p.m. Wednesday.

Powered by Capital Market - Live News