Tokyo Shares Close Flat Ahead Of Earnings Season
Faizan Hashmi Published January 27, 2023 | 02:00 PM
Tokyo, (UrduPoint / Pakistan Point News - 27th Jan, 2023 ) :Tokyo shares ended nearly flat Friday, staying in a narrow band throughout the day as investors waited for Japan's earnings season to get into full swing.
The benchmark Nikkei 225 index added just 0.07 percent, or 19.81 points, to 27,382.56, while the broader Topix index rose 0.22 percent, or 4.26 points, to 1,982.66.
The Dollar stood at 129.91 yen, off from 130.25 Yen in New York late Thursday.
"Gains of US shares provided support, but the market barely moved as investors waited for corporate earnings reports," Daiwa Securities said in a commentary.
Confidence among global investors brightened overnight after US GDP data was better than expected in the final months of last year, renewing hopes for a "soft landing" in the world's biggest economy.
But shortly before the opening bell, the Tokyo region reported rising inflation, prompting buying of the yen against the dollar which spooked the stock market, the brokerage said.
Under the weight of the yen's advance and rising yields for Japanese government bonds, the market became trapped in a narrow range, IwaiCosmo Securities said.
Semiconductor shares suffered on reports that Japan and the Netherlands plan to join the US-led efforts to control exports of semiconductors and related products to China.
Advantest, a producer of tests for semiconductors, dropped 1.77 percent to 9,450 yen, and Tokyo Electron, which makes tools to build semiconductors, fell 0.13 percent to 45,480 yen.
Toyota reversed earlier losses and ended 0.40 percent higher at 1,900.5 yen after announcing Koji Sato as its new president and CEO, replacing third-generation chief executive Akio Toyoda who will become board chairman.
Nissan rose 1.53 percent to 457 yen. The automaker and its alliance partner Renault will announce a new deal to reshape their partnership on February 6, according to a source close to the matter.
Renault is believed to have agreed to reduce its share in Nissan's capital to 15 percent from the current figure of around 43 percent, meaning both groups would hold 15 percent of the other's capital.
Banking shares did well. Mitsubishi UFJ Financial Group rose 2.73 percent to 978 yen. Mizuho Financial Group added 2.75 percent to 2,074 yen.
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