Tokyo stocks were higher on Tuesday morning as investor sentiment was supported by overnight gains in European markets, while traders closely watched a potential policy response by the Bank of Japan on signs of inflation.
The 225-number Nikkei Stock Average rose 240.63 points, or 0.85%, from Monday to 28,574.15. The broader Topix index of all issues in the first section on the Tokyo Stock Exchange was up 10.37 points, or 0.52%, at 1,997.08.
The winners were led by mining, precision instruments and service issues.
the we The dollar was firm in the upper range of 114 yen as investors sold off the Japanese unit, seen as a safe-haven asset, after stocks rose in major European markets, including London and Frankfurt, the dealers said.
At noon the dollar went to fetch 114.74-77 yen compared to 114.55-65 yen in London at 4 p.m. and 114.40-41 yen in Tokyo at 5 p.m. Monday. we the financial markets were closed on Monday for a public holiday.
The euro was quoted at $1.1416-1420 and 131.00-07 yen vs $1.1400-1410 and 130.65-70 yen in London and $1.1424-1425 and 130.69-73 yen in Tokyo late Monday afternoon.
Tokyo stocks opened in positive territory as stocks Toyota engine and blue chip Quick Retail supported the market.
However, many investors took a wait-and-see approach ahead of the earnings release. BOJ two-day political meeting and Governor’s press conference Haruhiko Kuroda expected later today, brokers said.
Immediately after the morning session at Tokyo, the central bank said it had decided to maintain its ultra-loose monetary policy and had revised its inflation forecast for fiscal year 2022 upwards to 1.1% from its previous estimate of 0, 9%.
Market participants had focused on a possible response from the BOJ emerging signs of inflation in Japan propelled by higher energy prices and a weak yen.
“Investors were well aware that a change in policy is unlikely at this time, but they were looking for signs that the BOJ can bring a change in the future,” said Shingo Ide, Chief Equity Strategist at NLI Research Institute.
On the first section, rising shows outnumbered declines by 1,224 to 832, while 126 ended the morning unchanged.
Toyota engine Pink 23.5 yen, or 1.0 percent, to 2,446.5 yen as the company’s development of electric vehicles is likely to support investor sentiment.
Quick Retail, the operator of casual wear chain Uniqlo, surged 2,390 yen, or 3.7 percent, to 67,490 yen.
Mizuho Financial Group Pink 19.0 yen, or 1.2 percent, to 1,620.5 yen after announcing on Monday that he has appointed Senior Executive Officer Masahiro Kihara as president following repeated system failures in his banking unit.
pharmaceutical company shionogi jumped up 25 yen, or 0.3 percent, to 7,505 yen a day after saying he had started a new clinical trial for his COVID-19 vaccine.
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