After Wednesday’s positive report, Japanese stocks edged higher with automakers leading the way, but the expected report from the U.S. monthly non-farm payrolls numbers stopped growth a bit.
By midday, the Nikkei stock average was up 0.71% to 27 472.49, while the broader Topic increased by 1.30% to 1937.61.
Major US stocks closed lower on Tuesday after last week’s rally as inflation remained in the spotlight due to volatility in the oil market. In addition, investors reacted to statements by the representative of the US Federal Reserve, who showed an increased propensity to tighten monetary policy
Shares of Japanese automakers rose in price: Toyota Motor gained 3.5%, Nissan Motor advanced 5.8% and Honda Motor 3.14%. In J.P. Morgan analysts also believe that Japanese automakers will make record profits this year.
The auto and parts sector rose 3.33% to become the leader in 33 industry sub-indices of the Tokyo Stock Exchange.
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Shares of Mercari Inc. rose sharply by 8.27% after the Japanese e-commerce company said that its shares will be promoted to the first level of the Tokyo Stock Exchange.
Japan’s Nikkei ended lower as shares in drugmaker Daiichi Sankyo shed 3.74%, followed by Inpex, which lost 3.28%.
On the Nikkei index, there were 200 rising stocks versus 24 falling ones.
The volume of shares traded on the main board of the Tokyo Stock Exchange was 0.63 billion compared to a 30-day average of 1.31 billion.
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