Japanese market up sharply, up 2.5%

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(RTTNews) – The Japanese stock market is up sharply on Friday, recouping losses from the previous session, with the benchmark Nikkei 225 adding almost 700 points to be above the 26,400 level, following mixed signals from Wall Street overnight on news that the Japanese government will implement new policies to boost growth, even as growing concerns about high inflation and tighter monetary policies remain.

The benchmark Nikkei 225 gained 672.84 points or 2.61% to 26,421.56, after hitting a high of 26,428.93 earlier. Japanese stocks closed sharply lower on Thursday.

Market heavyweight SoftBank Group soared nearly 10% and operator Uniqlo Fast Retailing gained more than 4%. Among automakers, Honda gains more than 1% and Toyota adds almost 1%.

In technology, Advantest is up more than 3%, Screen Holdings adds nearly 5%, and Tokyo Electron is up more than 4%.

In the banking sector, Mizuho Financial rose 0.2% and Sumitomo Mitsui Financial gained nearly 1%, while Mitsubishi UFJ Financial fell 0.3%.

Among major exporters, Sony gained more than 2%, Mitsubishi Electric jumped more than 5% and Panasonic added almost 1%, while Canon lost more than 1%.

Other top gainers include JGC Holdings soaring more than 20%, Fujikura jumping nearly 17%, and Citizen Watch up nearly 13%, while Marui Group and OKUMA add more than 10% each. NEXON is up more than 8%, while Haseko and Olympus are up almost 8% each. Recruit Holdings and Furukawa Electric each gained more than 6%, while Rakuten Group gained almost 6%, while Mitsubishi Electric and Konami Holdings gained nearly 5% each.

Conversely, Casio Computer fell nearly 16%, Secom fell more than 9%, Konica Minolta fell nearly 9%, Comsys Holdings fell more than 6%, Nikon fell nearly 6%, and Resona Holdings lose more than 5%. , while Ebar and NTT Data are down nearly 5% each. Trend Micro is down more than 4%, while Teijin and UBE are down almost 4% each.

In the currency market, the US dollar is trading in the lower range of 129 yen on Friday.

On Wall Street, stocks saw significant volatility during Thursday’s trading day before ending the day little changed. After showing wild fluctuations throughout the day, the major averages closed narrowly mixed.

Major averages showed a notable rally heading into the close, with the tech-heavy Nasdaq rising 6.73 points or 0.1% to 11,370.96. Meanwhile, the S&P 500 edged down 5.10 points or 0.1% to 3,930.08 and the narrower Dow Jones fell 103.81 points or 0.3% to 31,730.30.

Meanwhile, major European markets turned lower on the day. While Britain’s FTSE 100 fell 1.6%, France’s CAC 40 index fell 1% and Germany’s DAX index fell 0.6%.

Crude oil futures ended slightly higher on Thursday as the European Union’s proposal to ban Russian oil offset concerns over prolonged Covid-19 shutdowns in China. West Texas Intermediate crude oil futures for June ended up $0.42 or 0.4% at $106.13 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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