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Nikkei Rises From One Week Low, Yen Eases

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The Japanese markets rose from a one week low today as the mood in global markets improved. The Dow spiked 1.4% after US Trade Representative Robert Lighthizer offered a temporary reprieve from concerns about trade war by announcing a delay in imposing new tariffs on certain Chinese products. Lighthizer said the 10% tariff set to take effect on September 1st should be delayed until December 15th for certain products. Asian equities zoomed up amid these pointers and Japan's benchmark Nikkei share average jumped around 1% after a 1.1% fall in last session. The broader Topix rose 0.86% as good buying was seen across the spectrum.

Japanese traders also eyed strong economic data. Japan total value of core machine orders jumped a seasonally adjusted 13.9 percent on month in June standing at 960.3 billion yen, the Cabinet Office said on Wednesday. That follows the 7.8 decline in May. On a yearly basis, core machine orders spiked 12.5 percent following the 3.7 percent decline in the previous month.

Meanwhile, the rising risk appetite globally has had a moderating impact on the Japanese Yen as the currency eased sharply. The yen had soared to a seven month high yesterday, approaching 105 levels against the US dollar but eased and currently lingers around 106.40 mark. Other safe havens like US treasuries and Gold also witnessed a corrective movement in light of the spurt in US equities and easing of trade tensions between the economic giants.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 14 2019. 13:26 IST