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Tokyo stocks rebound after sharp decline last week
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Tokyo stocks rebound after sharp decline last week
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Tokyo stocks rebound after sharp decline last week
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“Powell’s press conference was well balanced and left the Fed with the flexibility to act according to economic data, fiscal stimulus and virus developments,” said John Vail, chief global strategist at Nikko Asset Management in Tokyo.
“Financial markets did not react very much to the result, and the yen remained relatively stable, which is helpful to Japan’s economy and financial markets.”
Positive earnings outweighed concerns about the worsening pandemic, after daily coronavirus cases hit a record high in Japan and its capital city.
Nissan Motor gained 7% after the carmaker reported a surprise first-quarter operating profit and raised its outlook, forecasting a return to net profit after two consecutive years of losses.
Japanese Market Modestly Higher
TOKYO (dpa-AFX) - The Japanese stock market is modestly higher on Thursday, recouping some of the losses of the previous session, with the benchmark Nikkei 225 just below the 27,700 level, following the mixed cues overnight from Wall Street, lifted by the Federal Reserve comments that economic activity and employment in the US have continued to strengthen.
Traders remain cautious amid the continued acceleration in the new wave of coronavirus cases, particularly in Olympic city Tokyo, which saw a record 3,177 new cases on Wednesday, topping the 3,000 marks for the first time.
The benchmark Nikkei 225 Index is gaining 101.22 points or 0.37 percent to 27,682.88, after touching a high of 27,794.41 earlier. Japanese shares ended significantly lower on Wednesday.