2023-07-03 10:34:53
Machinery makers’ stocks led the gains
Tokyo – Archyde.com
Posted on: July 03, 2023: 12:25 PM GST Last updated: July 03, 2023: 02:34 PM GST
Japan’s Nikkei index closed at a 33-year high on Monday, with machinery makers leading gains, while a quarterly survey of Japan’s central bank indicated a recovery in business activities.
The Nikkei index rose 1.7% to 33,753.33 points, the highest closing level since March 1990. The broader Topix index rose 1.41% to 2,320.81 points.
The Bank of Japan’s quarterly tankan survey showed business sentiment improving in the second quarter, as firms expected capital spending to increase and inflation to remain above the BoJ’s 2% target for the next five years.
The index of machinery manufacturers jumped 3.23%, recording the best performance among 33 sub-indices on the Tokyo Stock Exchange.
The share of “Daikin Industries” for the manufacture of air-conditioning equipment rose 6.75%, and the share of “Komatsu”, the second largest maker of construction machinery in the world, rose 2.01%.
Chip-related stocks also rose, with chipmaking equipment maker Tokyo Electron jumping 3.94% and chip testing equipment maker Advantest jumping 5.93%.
Z Holdings, which runs Internet company Yahoo Japan, jumped 5.25%.
At the same time, Takashimaya Commercial Centers Management fell 1.34%, becoming the worst performer on the Nikkei index. Likewise, the share of its counterpart, “J. Front Retailing”, fell 0.76%.
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