Japan Nikkei gains 0.21%

Japan stock market finished session modestly higher on Thursday, 12 April 2024, lifted by technology and export-oriented stocks on tracking gains in US peers and yens weakness to lower 153-level against greenback.

The 225-issue Nikkei Stock Average index advanced 80.92 points, or 0.21%, to finish at 39,523.55. The broader Topix index of all First Section issues on the Tokyo Stock Exchange climbed up 12.68 points, 0.46%, to 2,759.64.

Tech-related momentum stocks surged as fresh US economic data rekindled hopes that inflation remains in a cooling trend after a strong inflation reading the day earlier. Tokyo Electron and Lasertec rose 1.5% and 3%, respectively. Advantest gained 0.9%.

 

Shares of export related companies surged after the yen depreciated to new 34-year lower of 153.39 per dollar. Tokyo Electron added 1.49% to 39,500 yen and Advantest rose 0.87% to 6,017 yen.

Shares of Apple supplier Murata Manufacturing jumped 2.8% to 2,830.5 yen on news that the firm plans to overhaul its range of Mac computers.

Fujifilm Holdings rose 3.4% to 3,488 yen as it announced an additional investment of $1.2 billion in a planned biotech plant in the US state of North Carolina.

ECONOMIC NEWS: Japan's producer prices were up 0.2% on month in March, unchanged from the February reading, the Bank of Japan or BoJ said on Wednesday. On a yearly basis, producer prices rose 0.8%, up from 0.7% in the previous month. Export prices rose 0.3% on month and 1% on year, while import prices stumbled 0.5% on month and 6.9% on year.

The BoJ also said the value of overall bank lending in Japan was up 3.2% on year in March, coming in at 619.566 trillion yen. That was up from 3% in February. For the first quarter of 2024, overall bank lending was up 3.1% on year.

CURRENCY NEWS: Japanese yen was hovering around the 153 level per greenback on Friday after hitting a new 34-year low overnight, as higher-than-expected U.S. inflation reduced expectations the Federal Reserve will start cutting interest rates as soon as June. At 5 p.m., the yen quoted at 152.97 per US dollar compared to 151.84 in Tokyo at 5 p.m. on Thursday.

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