Japanese market extends gain on firm offshore lead

The Japanese stock market ended higher for the second consecutive session higher on Monday, May 16, 2022, as investor sentiment improved after following Wall Street’s positive lead last Friday.

However, market gains were capped as extremely weak economic data from China fueled fears of a slowdown.

At the close, the 225-number Nikkei Stock Average was up 119.40 points, or 0.45%, at 26,547.05.

The broader Topix index of all first section issues on the Tokyo Stock Exchange fell 0.94 points, or 0.05%, to 1,863.26.

Precision parts maker NTN Corp topped the list of gainers to climb as much as 11.7% while non-ferrous metals maker Dowa Holdings fell more than 13%.

In economic news, producer prices jumped 10% a year in April, the Bank of Japan said on Monday, up from an upwardly revised 9.7% rise the previous month.

CURRENCY NEWS: The dollar retreated to levels above 129.30 yen in Tokyo on Monday. As of 5 p.m., the dollar stood at 129.36-36 yen, compared to 128.80-81 yen at the same time on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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