Japan Market ends edge-up

Japan stock market finished session marginally higher on Tuesday, 27 February 2024, as gains in steel makers and other traditional stocks were offset by losses in heavyweight chip-related stocks.

The 225-issue Nikkei Stock Average index advanced 5.81 points, or 0.01%, to finish at 39,239.52. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 4.84 points, 0.18%, to 2,678.46.

Shares of Chip giants Advantest and Tokyo Electron gave up early gains to fall 2.69% and 0.69%, respectively, becoming the biggest drag for the Nikkei.

Steel makers jumped. Kobe Steel and Nippon Steel rose 3.6% and 3.21%, respectively.

 

Shares of trading firms were mixed after Billionaire investor Warren Buffett's Berkshire Hathaway raised its stake in Japan's top five trading firms to around 9%. Mitsui & Co rose 1.11%, while Mitsubishi Corp inched down 0.12%. Itochu Corp rose 0.42%.

ECONOMIC NEWS: Japan Overall Inflation Up 2.2% On Year In January- Japan overall consumer prices were up 2.2% on year in January, the Ministry of Internal Affairs and Communications said on Tuesday. That was in line with forecasts and down from 2.6% in December. On a seasonally adjusted monthly basis, inflation rose 0.1% - matching expectations and unchanged from the December reading. Core consumer prices, which exclude the volatile costs of food, were up 2.0% on year. That exceeded expectations for an increase of 1.9% and was down from 2.3% in the previous month.

CURRENCY NEWS: Japanese yen was stood at 150.49 per US dollar on Tuesday, little changed from 150.65 in Tokyo on Monday.

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