2023-08-10 08:04:45
Tokyo Stock Exchange
Japan’s Nikkei average closed higher on Thursday, clawing back early losses, as strong corporate earnings countered investor concerns ahead of US consumer price inflation data.
The Nikkei index rose 0.84 percent to close at 32,473.65 points, following opening 0.58 percent lower following losses on Wall Street overnight. The broader Topix index rose 0.92 percent to 2,303.51 points.
“The market was supported by stocks that reported strong results. The corporate earnings season in the first quarter in general is very strong,” Shuichi Arisawa, general manager of investment research at Awaikusmo Securities, told Archyde.com.
US stocks closed lower on Wednesday, a day before the release of the Consumer Price Index inflation report, which might influence the Federal Reserve’s interest rate decisions.
“US inflation data will be released at a time when long-term Treasury yields in the United States and Japan are volatile, which has made investors worried,” Arisawa added.
Japanese markets will be closed on Friday due to a holiday.
Honda Motor rose 5.87%, giving the biggest boost to the Topix index, following the automaker reported a 78% jump in quarterly profit.
Rival Toyota Motor Co rose 1.4 percent.
Inpex shares jumped 16.62 percent following the oil and gas exploration company raised its full-year net profit forecast by 7 percent and announced measures to boost company value and shareholder returns.
The mining sector index rose 14.93 percent, becoming the best performer among the 33 industry sub-indices on the Tokyo Stock Exchange.
But Sony Group lost 3.23 percent following the entertainment group reported a 31 percent drop in operating profit for the April-June quarter due to poor performance in its film and financial divisions.
Olympus shares plunged 12.02 percent following the medical equipment maker reported a nearly 50 percent drop in its operating profit for the first quarter.
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