Japan Stocks extend gains to third straight session

Japan share market closed for the third straight session on Thursday, 11 March 2021, in the wake of tracking positive cues from Wall Street after the U.S. House of Representatives passed President Joe Biden's $1.9 trillion coronavirus relief package overnight. However, market gains were capped amid a growing wait-and-see mood ahead of the European Central Bank President Christine Lagarde's remarks particularly on interest rates at a news conference after the ECB's policy meeting to be held later on Thursday.

At closing bell, the 225-issue Nikkei Stock Average rose 8.62 points, or 0.03%, to 29,036.56. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 2.06 points, or 0.11%, to 1,919.74.

 

Gainers were led by marine transportation, nonferrous metal and electric power and gas issues. Komatsu extended its winning streak to a fifth session, after Mizuho Securities Co. raised its target price for the construction machinery-maker. On the other hand, airlines JAL and ANA fell on their reported plans to suspend reservations for some international flights as part of measures to prevent the further spread of novel coronavirus variants.

ECONOMIC NEWS: Japan Producer Prices Up 0.4% On Month In February-Japan producer prices were up 0.4% on month in February, the Bank of Japan said on Thursday, unchanged from the January reading. On a yearly basis, producer prices sank 0.7% - in line with expectations following the 1.6% decline in the previous month.

CURRENCY NEWS: The U.S. dollar traded down 0.14% at 91.699 against a basket of its peers, withdrawing from levels above 92.00 reached earlier in the weeks. The Japanese yen changed hands at 108.69 per dollar.

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