Monday, January 30, 2023

Japan's Nikkei closes at 2-week high on tech boost - Business Recorder

Last updated Tuesday, January 10, 2023 09:05 ET , Source: TopWireNews

TOKYO: Japan’s Nikkei index on Tuesday closed at its highest in two weeks, as technology stocks jumped, but the gains were capped by caution ahead of next week’s meeting by the Bank of Japan.
The Nikkei share average ended 0.78% higher at 26,175.56, its highest since Dec. 28. The broader Topix gained 0.27% to 1,880.88.
The Nasdaq Composite ended well off the day’s highs overnight even as the Dow ended lower and the S&P 500 index closed nearly flat, as expectations that the Federal Reserve would dial back on its hawkish stance were offset by lingering worries about inflation.
“Treasury yields fell and the Nasdaq gained momentum in the US overnight. So, investors bought Japanese stocks but the gains were limited,” said Shuji Hosoi, senior strategist at Daiwa Securities.
“… Investors are cautious about the Bank of Japan’s decision to be made at a policy meeting next week.
The bank surprised investors last month, and the (central) bank may do something similar.“ Japan’s central bank last month widened the trading band for the benchmark 10-year government bonds to 0.5% from 0.25%, sending yields across the curve higher.
Eisai closed up 4.84%, after jumping as much as 8% after the US Food and Drug Administration approved its Alzheimer’s drug lecanemab, developed in partnership with Biogen Inc, for patients in the earliest stages of the disease.
Chip giants Tokyo Electron climbed 3.08% and Advantest gained 1.88%.
Air-conditioning maker Daikin Industries rose 5.33%.

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