Tokyo's Nikkei Closes Up Nearly 3% Amid Global Rallies
Umer Jamshaid Published November 11, 2022 | 01:00 PM
Tokyo, (UrduPoint / Pakistan Point News - 11th Nov, 2022 ) :Tokyo's key Nikkei index advanced nearly three percent on Friday as investors cheered rallies on Wall Street, driven by hopes for less aggressive Fed rate hikes due to slowing US inflation.
The Nikkei 225 index ended up 2.98 percent or 817.47 points to 28,263.57, while the broader Topix index rose 2.12 percent, or 41.10 points, to 1,977.76.
The Tokyo market rallied after global shares surged as "slower-than-projected inflation galvanised bets the Federal Reserve can downshift its aggressive rate-hike path", said Stephen Innes of SPI Asset Management.
In New York, the Dow ended up 3.7 percent, while the Nasdaq surged a whopping 7.4 percent.
"The 'relief rally' in the US market continued" during the Tokyo hours, Daiwa Securities said in a commentary.
"The 'inflation trade' might be coming to its end," the brokerage said, referring to market jitters over the rising prices and investment moves that reflect those concerns.
Innes also said the fresh data was seen as "a significant turning point".
"Although inflation remains at decade highs, at minimum, things are moving in the right direction," he said.
The Dollar remained volatile and on Friday bought 141.55 Yen -- off from the day's high of 142.46 yen but firming from 140.67 yen in New York overnight.
That level compared with 146.14 yen in Tokyo on Thursday.
Among major shares, Sony Group surged 5.54 percent to 11,630 yen. Advantest, a major producer of testing kits for semiconductors, rose 9.06 percent to 8,910 yen. Toyota rose 2.17 percent to 2,001 yen.
Seven and i Holdings, a retail giant that operates 7-Eleven stores and many other stores in Japan, edged up 0.25 percent to 5,669 yen after a choppy session.
Local media said the company is planning to sell major department store chains Seibu and Sogo to an investment fund.
SoftBank Group firmed 1.76 percent to 6,953 yen.
After the market closed, the tech investor reported a quarterly net profit of more than three trillion yen ($21.2 billion), thanks largely to proceeds from sales of Alibaba shares. The company's investment operations continued to suffer massive losses.
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