TOKYO, Oct 8 (Businesshala) – Japan’s Nikkei stock average jumped on Friday, tracking gains on Wall Street and investors bargaining after a sharp fall this month, while Toyota Motor closed in on Topix trading after nine consecutive sessions of decline. helped in
The Nikkei was up 2.11% to 28,263.40 as of 0218 GMT, while the broader top was up 1.74% to 1,973.27.
For the week, the Nikkei is set to fall 1.8% after a fall weighed down by concerns about China’s economic slowdown and fears of US inflation. For the month, the index has lost over 4% so far.
Wall Street ended sharply higher overnight in a broad-based rally led by Big Tech, as the debt-limit deadlock in Congress eased concerns of a possible government debt default this month.
“The rally in domestic stocks was driven by a rally in overseas markets, but today’s gains were just a rebound from sharp losses,” said Shigetoshi Kamada, general manager of research at Tachibana Securities.
Kamada said with no stock-moving catalyst within Japan, investors are waiting for the new government’s policies ahead of the October 31 national lower house election.
Prime Minister Fumio Kishida last week flagged the prospects of lowering the country’s fiscal income tax rate, which Kamada said negatively impacts the local market.
Of the 33 industry sub-indices of the exchange, only shippers fell.
Automakers moved ahead with the yen weakening against the dollar, with Toyota Motor up 3.67% and Honda Motor up 2.16%.
Eneos, Japan’s biggest refiner, rose 1% after a local media report said it would buy Japan Renewable Energy for about 200 billion yen ($1.8 billion) from Goldman Sachs and Singapore’s sovereign wealth fund GIC, which is responsible for developing solar and wind power plants. operates. (Reporting by Junko Fujita; Editing by Subhranshu Sahu)