Fed containment fuels Nikkei’s bullish streak, up 1.03%

By: News Team

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Fed containment fuels Nikkei's bullish streak, up 1.03%

The main index of the Tokyo Stock Exchange, the Nikkei, rose 1.03% on Wednesday in its fourth consecutive day of increases, due to the contained tone of the central bank of the United States (Fed), which eased concerns about rate hikes.

The Nikkei, which groups the 225 most representative titles of the market, advanced 270.44 points, to 26,446.00 integers.

The Topix, which includes the firms of the main section, those with the largest capitalization, added a similar 1.08% or 20.37 points, to stand at 1,901.25 units.

The Tokyo parquet opened higher and although it cut gains in the second section, it maintained a good trend throughout the day.

Investors in Tokyo welcomed the U.S. Federal Reserve chairman’s low-key speech in Stockholm the day before, helping to calm concerns about more aggressive rate hikes.

The technology sector also contributed favorably in the Japanese stock market, encouraged by the rise in the NASDAQ New York and the profits reported by the manufacturer of industrial robots Yaskawa Electric, which foresees an improvement in demand in the sector.

Almost all sectors of the Japanese square reaped gains today, which were led by precision instruments, electronics and iron and steel.

Semiconductor analysis equipment manufacturer Lasertec accounted for the largest trading volume, up 4.08%.

It was followed by the financial group Mitsubushi UFJ, which climbed 1.64%, and the textile group Fast Retailing (owner of the Uniqlo clothing store chain), which rose 1.41% following reports that it plans to increase employees’ wages to 40%.

The telecommunications and investment group Softbank added 0.26%, the multinational technology and entertainment Sony rose by 3.49% and the automotive company Toyota, 0,57 %.

In the main section, 1,493 companies rose versus 287 that went down, while 58 closed unchanged.

The trading volume amounted to 2.59 trillion yen (about 18.2 billion euros).

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