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Friday, January 27, 2023

Tokyo’s Nikkei index closes higher - Markets - Business Recorder

Last updated Monday, December 5, 2022 04:05 ET , Source: TopWireNews

TOKYO: Tokyo’s Nikkei index ended higher on Monday as investors looked for fresh trading clues while markets assessed the implications of a solid jobs report for US monetary policy.
The benchmark Nikkei 225 index fluctuated through the day before ending up 0.15 percent, or 42.50 points, at 27,820.40, while the broader Topix index slipped 0.31 percent, or 6.08 points, to 1,947.90.
The market lacked a clear sense of direction after a mixed close on Wall Street, and ahead of the release of US inflation data and a Federal Reserve meeting next week.
On Friday, official data showed that the United States added more jobs than anticipated in November, while the unemployment rate remained steady. The data also indicated a bigger jump in hourly wages than forecast.
In general, stronger economic data is considered something that could lead to faster interest rate hikes by the Federal Reserve, a negative for stock prices.
“The initial reaction to Friday’s stronger-than-expected payrolls report was standard good news is bad news,” said National Australia Bank’s economist Taylor Nugent.
The dollar fetched 134.55 yen in Asian trade, against 134.27 yen in New York late Friday.
“Investors became wary of the lower-dollar, higher-yen bias after the release of the US jobs data. Exporters broadly turned softer” in Tokyo, Daiwa Securities said.
Tokyo shares close lower ahead of US jobs data
Toyota fell 1.01 percent to 1,951 yen, Honda dropped 0.86 percent to 3,244 yen and Nintendo lost 0.73...



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