Nikkei rises amid volatile trading after Japan Bank Governor Certification
Date
8/25/2024 9:05:42 AM
(MENAFN) Japan's NIKKEI index concluded Friday’s trading session with a gain of 0.4 percent, closing at 38,364.27 points after a day marked by significant volatility. The index experienced an initial rise, a mid-session dip, and then a rebound. The broader Topix index also saw an increase of 0.5 percent. The fluctuations in the Nikkei and broader market were influenced by bank of Japan Governor Kazuo Ueda’s five-hour testimony before parliament, where his comments on monetary policy tightening shifted market sentiment. The yen mirrored this volatility, trading about 0.5 percent higher at 145.65 against the dollar, recovering most of its losses from the previous day.
Investors are now awaiting a crucial speech by Federal Reserve Chairman Jerome Powell at the U.S. central bank's Jackson Hole symposium, which could provide further direction for the markets. Within the Nikkei index, out of 225 listed stocks, 175 saw gains while 50 experienced declines. The technology sector, however, was a notable laggard, with chip stocks suffering from a sell-off in their Wall Street counterparts. Notable declines included Tokyo Electron, down 2.52 percent, Advantest Inc., falling 3.41 percent, and LaserTech Inc., which dropped 3.09 percent.
On a positive note, the healthcare sector continued its upward trend, driven by a 3.53 percent rise in Sumitomo Pharma. Sharp Corp. emerged as the biggest gainer, surging approximately 7 percent after news of SoftBank Corp.'s potential investment of around 100 billion yen (USD686.72 million) in the company. This development also led to a modest rise of 0.48 percent in SoftBank's shares.
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