Japan Stocks turn up on solid China, U.S. economic data

Japan share market finished session higher on Tuesday, 30 June 2020, as risk sentiments improved on tracking an overnight rebound on Wall Street on upbeat U.S. housing data for May and stronger-than-expected official Chinese manufacturing purchasing managers' index data for June. Meanwhile, yen depreciation to the upper 107 yen range against greenback also boosted up risk sentiments.

At closing bell, the 225-issue Nikkei Stock Average advanced 293.10 points, or 1.33%, to 22,288.14. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 9.55 points, or 0.62%, at 1,558.77.

Shares ofmarine transportation and steelmakers were up amid hopes of a global economic recovery. Nippon Yusen rose 1.5% to 1,516 yen. Kobe Steel climbed 1.9% to 370 yen, and JFE Holdings jumped 3.2% to 772 yen.

Shares of semiconductor-related Tokyo Electron and Advantest Corp. rose after major U.S. chipmaker Micron Technology announced Monday a brisk earnings forecast for June-August.

ECONOMIC NEWS: Japan Industrial Production Declines in May- Japan industrial production tumbled 25.9% on year in May as compared to a 15% drop in previous month, data from the Ministry of Economy, Trade & Industry showed on Tuesday. On a seasonally adjusted monthly basis, industrial production sank 8.4% following the 9.8% slide in April. Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it is declining rapidly. Industries that contributed to the decline in production included motor vehicles, production machinery and iron and steel. Shipments were down 8.4% on month and 26.5% on year, while inventories fell 2.5% on month and 0.4% on year. Industries that contributed to the fall in shipments included motor vehicles, production machinery and iron and steel. Industries that contributed to the fall in inventories also included motor vehicles, production machinery and iron and steel. According to the METI's production forecast, industrial production is expected to gain 5.7% on month in June and 9.2% on month in July.

Japan Jobless Rate Inches Higher To 2.9% In May- Japan jobless rate came in at a seasonally adjusted 2.9% in May, the ministry of Internal Affairs and Communications said on Tuesday, up from 2.6% in April. The job-to-applicant ratio was 1.20, down from 1.32 in the previous month. The number of employed persons in May was 66.56 million, a decrease of 760,000 from the previous year, while the number of unemployed persons in May was 1.98 million, an increase of 330,000 from the previous year.

CURRENCY: The dollar fetched 107.72-73 yen compared with 107.53-63 yen in New York and 107.19-20 yen in Tokyo on late Monday. The euro was quoted at 120.89-93 yen against 120.89-99 yen in New York and 120.52-56 yen in Tokyo late Monday.

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