Japan Stocks rebound on bottom fishing

Japan share market finished session higher on Wednesday, 12 January 2022, snapping three days of losing streak, as investors chased for bottom fishing on recently battered stocks, with Wall Street's overnight rise adding support after Federal Reserve Chair Jerome Powell's comments at his Senate confirmation hearing appeared to be less hawkish than expected. .

At closing bell, the 225-issue Nikkei Stock Average advanced 543.18 points, or 1.92%, to 28,765.66. The broader Topix index of all First Section issues on the Tokyo Stock Exchange increased by 32.54 points, or 164%, to 2,019.36.

Shares of tech companies advanced on tracking strength in US peers overnight, with motor maker Nidec adding 2.6%, while sensor maker Keyence closed the day 5% higher. Semiconductor maker Murata Manufacturing surged 3.7%. Advantest, a producer of chip-testing kits, added 2.8%.

Industrial robot maker Yaskawa Electric advanced 2.2%, after an upbeat earnings report for the nine months through November.

ECONOMIC NEWS: Japan Posts Y897.3 Billion Current Account Surplus In November-Japan posted a current account surplus of 897.3 billion yen in November, the Ministry of Finance said on Wednesday, down 48.2% on year, following the upwardly revised 1.180 trillion-yen surplus in October (originally 1.018 trillion yen). Exports were up 23.2% on year to 7.445 trillion yen, while imports jumped an annual 44.9% to 7.877 trillion yen for a trade deficit of 431.3 billion yen. The capital account saw a deficit of 20.7 billion yen in November, while the financial account had a surplus of 218.5 billion yen.

Japan Eco Watchers Current Condition Index Rises Marginally In December-The current conditions index of the Japan's Economy Watchers' Survey, which measures the current situation of the economy, increased marginally to 56.4 in December from 56.3 in November, survey data from the Cabinet Office showed on Wednesday. The outlook index that signals future activity fell to 49.4 in December from 53.4 in the previous month. In October, the reading was 57.5. However, a reading below 50 suggests pessimism.

CURRENCY NEWS: The Japanese yen stood at 115.40 per dollar, compared with 115.25 on Tuesday.

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