HomeLatestRoundup: Tokyo shares shut greater amid warning forward of Powell speech

Roundup: Tokyo shares shut greater amid warning forward of Powell speech

TOKYO, Aug. 26 (Xinhua) — Tokyo shares closed greater Friday as a tech-led rally in a single day on Wall Street lifted their Japanese friends, however positive aspects have been capped forward of a speech by Federal Reserve Chairman Jerome Powell amid issues over the long run course of U.S. financial coverage.

The 225-issue Nikkei Stock Average added 162.37 factors, or 0.57 %, from Thursday to shut the day at 28,641.38.

The broader Topix index, in the meantime, gained 2.99 factors, or 0.15 %, to complete at 1,979.59.

Dealers right here stated that high-technology shares gaining traction on the Nasdaq in a single day coupled with decrease U.S. bond yields, noticed know-how points right here snapped up.

The market temper was additionally buoyed to a level by knowledge within the U.S. launched Thursday exhibiting jobless claims weren’t as excessive as anticipated, together with quarterly gross home product knowledge being upwardly revised, they added.

While the information helped ease some issues over the well being of the U.S. financial system, analysts right here stated traders remained largely circumspect forward of Powell’s speech amid issues that the Fed’s continued aggressive financial coverage to tame inflation might result in the world’s largest financial system slipping right into a recession.

“The Fed chief is likely to avoid giving hints that would hurt the stock market by stirring speculation about the specific sizes of interest rate hikes for the upcoming policy meeting next month,” Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co., was quoted as saying.

By the shut of play, equipment, electrical equipment and textile points comprised those who gained probably the most, with falling points simply outpacing rising ones by 867 to 864 on the Prime Market, whereas 106 ended the day unchanged.

Among tech points discovering favor, chipmaking gear maker Tokyo Electron gained 2.2 %, whereas Advantest ended 1.3 % greater.

Sony Group added 1.0 %, whereas heavily-weighted part SoftBank Group rose 1.2 %.

Fellow heavyweight Fast Retailing, operator of the Uniqlo retailer chain, in the meantime, ended the day 1.1 % greater.

On the Prime Market on Friday, 855.51 million share modified fingers, dropping from Thursday’s quantity of 906.45 million shares.

The turnover on the ultimate buying and selling day of the week got here to 2,054.89 billion yen (14.99 billion U.S. {dollars}).