The Japanese stock market ended its session higher on Monday, March 14, 2022, as investors recovered from battered stocks after the benchmark Nikkei’s plunge late last week. Meanwhile, the yen’s depreciation to above 117 against the greenback and hopes of ceasefire talks between Russia and Ukraine boosted risk sentiment.
At the close, the 225-number Nikkei Stock Average fell 527.62 points, or 2.05%, to 25,162.78. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 30.49 points, or 1.67%, to 1,799.54.
A total of 28 of 33 TSE issues rose, with one winning industry category being airline, insurance, real estate, shipping, securities and commodities futures, transportation equipment and rubber products emissions, while the worst performing industry included electricity and gas, precision instruments, and retail issues.
Shares of export-related stocks rose as the yen continued to weaken against the US dollar. Automaker Toyota added 2.9%, Nissan added 2% and Honda climbed 1%. Chip test equipment maker Advantest jumped 2.2%, while chip manufacturing equipment maker Tokyo Electron gained 1.3%.
Shares of air and land transport issues were buoyed after Prime Minister Fumio Kishida said he wants to relaunch the government’s “Go To Travel” subsidy program at an “appropriate time”. ANA Holdings gained 2.9%, Japan Airlines climbed 3.4%, while East Japan Railway gained 3%. H travel agency.
IS jumped 7.5%.
Banks also benefited from rising global long-term bond yields which improved earnings prospects. Mitsubishi UFJ Financial and Mizhuo Financial gained 2-3%.
CURRENCY NEWS: The US Dollar hit the upper range of 117 Yen as buying was fueled by a divergence in monetary policy between the US and Japan, as the Federal Reserve is expected to American adopts a warmongering position to fight against inflation. The dollar reached 117.72-73 yen against 117.25-35 yen in New York and 116.71-73 yen in Tokyo on Friday.
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