December 3, 2022

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Japanese Market Significantly Higher

2 min read

The Japanese stock market rebounding from three-month lows to trade significantly higher on Thursday, recouping some of the losses in the previous session, with the Nikkei 225 moving above the 26,300 mark, following the broadly positive cues from global markets overnight, as traders reacted to the Bank of England launching a 65 billion pound bond-buying program to stabilize its financial markets, sending global bond yields lower.

The benchmark Nikkei 225 Index is up 170.68 points or 0.65 percent to 26,344.66, after touching a high of 26,450.59 earlier. Japanese stocks closed sharply lower on Wednesday.

Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding almost 3 percent. Among automakers, Honda is losing more than 1 percent and Toyota is flat.

In the tech space, Screen Holdings and Advantest are edging up 0.5 percent each, while Tokyo Electron is losing almost 1 percent.

In the banking sector, Mitsubishi UFJ Financial is losing almost 3 percent, Mizuho Financial is declining almost 2 percent and Sumitomo Mitsui Financial is up more than 1 percent.

Among the major exporters, Canon is gaining almost 2 percent and Sony is edging up 0.2 percent, while Mitsubishi Electric and Panasonic are edging down 0.2 to 0.5 percent each.

Among the other major gainers, Rakuten is surging more than 6 percent, while Yamaha, Unitika and Isetan Mitsukoshi are gaining more than 5 percent each. Pacific Metals is adding almost 5 percent, while Casio Computer and Shionogi & Co. are up more than 4 percent. Takashimaya, OKUMA, Sumitomo Metal Mining and Sumitomo Pharma are advancing almost 4 percent each, while Mitsubishi Heavy Industries, Marui Group, Toho Zinc and Nikon are rising more than 3 percent each.

Conversely, there are no major losers.

In the currency market, the U.S. dollar is trading in the lower 144 yen-range on Thursday.

On Wall Street, stocks showed a substantial rebound during trading on Wednesday after moving sharply lower…

2022-09-28 22:20:35

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