TOKYO: Japan’s Nikkei share average eked out gains to rise for a third straight day on Wednesday, as a softer yen and buying of retail-related shares helped narrow morning losses on profit-taking.
The Nikkei rebounded after declining in early trade to close 0.1% higher at 39,276.39.
The broader Topix was down 0.5% at 2,740.6.
Retail-related shares outperformed in afternoon trade to boost the Nikkei.
Uniqlo parent firm Fast Retailing climbed 2.4%. The company on Monday said that Uniqlo’s domestic same-store sales in November increased 12.2% compared with last November.
Ryohin Keikaku jumped 7.1% after the Muji retail stores operator reported a rise in domestic and online store sales last month compared to a year ago.
Home interior goods maker Nitori Holdings advanced 3.6%.
Gaming firms Konami Group and Nintendo jumped 2.2% and 2.7%, respectively.
Entertainment conglomerate Sony Group, up 3.3%, was among exporters to receive a boost as the yen slid against the US dollar on expectations that the Bank of Japan (BOJ) will hike interest rates this month.
Japan’s major technology shares slipped as investors secured profit after Tuesday’s large gains, but managed to recover some losses.
AI-focused startup investor SoftBank Group shed 1.7% and chip-making equipment giant Tokyo Electron was mostly flat, up 0.02%. Peer Advantest gained 0.7%.
With monetary policy meetings in both the US and Japan coming up this month, economic news was in focus, said Kenji Abe, chief strategist at Daiwa Securities.
The US jobs report is expected on Friday, while the US CPI and the Bank of Japan’s “tankan” survey are due later this month.
“I think investors are paying a lot of attention to those,” said Abe.
Focus is also on Federal Reserve Chair Jerome Powell’s speech later in the day for cues into US rate cut path.
Banks faltered, with Resona Holdings ending 4.3% lower to be the top percentage loser.
Source: Brecorder
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