Japan Nikkei extends gain to third day

Japan stock market finished session sharply higher on Wednesday, 24 April 2024, registering third straight day of winning streak, as buying encouraged by tracking overnight rallies on Wall Street on good corporate earnings.

The 225-issue Nikkei Stock Average index surged by 907.92 points, or 2.42%, to finish at 38,460. The broader Topix index of all First Section issues on the Tokyo Stock Exchange spurted 44.50 points, 1.67%, to 2,710.73.

Total 20 of 33 TSE sectors closed higher, with Insurance sector being top performer in%age term, rising 1%, followed by Securities & Commodities Futures (up 0.9%), Construction (0.7%), and Foods (0.62%). Marine Transportation was bottom performing sector in%age term, down 1.5%, followed by Rubber Products (down 1.1%) and Metal Products (down 0.95%) sectors.

Shares of exporters particularly chip-related companies rallied. Renesas Electronics jumped 10.5%, while Tokyo Electron was up 7.1%. Toyota was up 2.4%. Sony Group was up 2.6%.

Nikon soared 10.3% after the UK-based Silchester International Investors took a stake of more than 5% in the company.

ECONOMIC NEWS: Producer Prices In Japan Rise 2.3% On Year In March- Producer prices in Japan rose 2.3% on year in March, the Bank of Japan said on Wednesday. This was up from the upwardly revised 2.2% gain in February (originally 2.1%). On a monthly basis, producer prices surged 0.8% - accelerating from 0.3% in the previous month. Excluding international transportation, producer prices rose 0.8% on month and 2.2% on year.

CURRENCY NEWS: The Japanese yen hovered around upper 154 level, 34-year lows, against greenback on Wednesday, after Japanese Finance Minister Shunichi Suzuki said that the environment for an appropriate response over the foreign exchange market has become ready. The yen was last quoted at 154.79 per US dollar compared with 154.84 on Tuesday.

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