Japan Nikkei rebounds as Kazuo vows to keep easing policy

Japan share market finished session higher on Friday, 24 February 2023, as risk sentiments underpinned on following positive lead from Wall Street overnight and Bank of Japan governor nominee Kazuo Ueda vows to maintain the central bank's current ultraloose monetary policy at a parliamentary hearing.

The 225-issue Nikkei Stock Average index advanced 349.16 points, or 1.29%, to finish at 27,453.48. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 13.15 points, or 0.67%, to 1,988.40.

Total 24 of 33 TSE sectors ended higher, with Marine Transportation, Electric Appliances, Real Estate, Machinery, and Land Transportation issues being notable gainers, while Banks, Pharmaceutical, Iron & Steel, Nonferrous Metals, and Mining issues were notable losers.

 

Chip-related stocks surged the most, with Advantest, Tokyo Electron and Screen Holdings climbing 5-8%.

ECONOMIC NEWS: Japan's Consumer Price Inflation At 4.2% In January- Japan's consumer price inflation accelerated further in January to hit a fresh 41-year high, adding pressure on the central bank to withdraw its massive monetary stimulus. Core inflation that excludes volatile fresh food climbed to 4.2% in January from 4% in the previous month, data from the Ministry of Internal Affairs and Communications showed Friday. Headline inflation rose to 4.3% from 4% in December. The 4.3% was the strongest since December 1981. Inflation has remained above the 2% target for the tenth straight month. On a monthly basis, overall consumer prices gained 0.4%, following December's 0.3% increase.

CURRENCY NEWS: Japanese yen was trading around upper 135 level against greenback. The dollar stood at 135.64 yen in late Tokyo trading Friday, up 0.7% from 134.70 on Thursday, after trading in the range of 134.07-135.65.

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