Japan Stocks rebound on buybacks

Japanese share market finished session higher on Tuesday, 27 September 2022, as investors chased for bottom fishing after falling sharply in the three previous sessions. However, market gains capped amid persistent worries over the global economic outlook.

At closing bell, the 225-issue Nikkei Stock Average index was up 140.32 points, or 0.53%, to 26,571.87. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 8.73 points, or 0.47%, to 1,873.01.

Shares of airline and retail companies advanced on continued hopes that inbound tourism will recover as the Japanese government plans to scrap its cap on daily arrivals next month, currently set at 50,000. Japan Airlines rose 0.8%, while ANA Holdings climbed 1.2%.

Automakers gained ground, with Toyota Motor, Honda and Nissan rising 1-2% as Finance Minister Shunichi Suzuki warned against speculative moves in the currency market and the Bank of Japan conducted another unscheduled operation to curb rising yields.

CURRENCY NEWS: The dollar was trading around the mid-144 yen level as investors remained vigilant over a possible currency market intervention by Japanese monetary authorities. At 5 p.m., the dollar fetched 144.26-28 yen compared with 144.68-78 yen in New York and 143.82-84 yen in Tokyo at 5 p.m. Monday.

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