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Japan’s Nikkei closes slightly higher as exporters gain, US rate hike concerns

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  Japan s benchmark Nikkei stock index closed slightly higher on Monday as exporters gained from the falling yen but weighed on below average earnings from insurance companies and concerns about the future health of the economy American The Nikkei Stock Average of 225 issues rose 45 02 points or 0 16 percent since Friday to close the day at 27 944 79 Meanwhile the broader Topix index added 5 54 points or 0 28 percent to end at 1 972 57 Local traders said the US dollar gained against the Japanese yen on concerns that the US Federal Reserve will continue to aggressively raise interest rates next year in a bid to rein in runaway inflation On Friday a Fed official suggested the central bank might proceed with another 0 75 percentage point hike going forward The resulting rise in the US dollar against the yen on Monday helped buoy some exporters although concerns persist over a US economic slowdown Financial markets are trying to balance the room for further rate hikes versus the degree to which the global and US economies will slow said Masayuki Kichikawa chief macro strategist at Sumitomo Mitsui Asset Management At the close of the game shipping wholesale trade and steel themes were the biggest gainers Exporters gained on the yen s decline as their overseas earnings rise when repatriated at favorable exchange rates and their overall competitiveness improves in global markets investment analysts said Among these chip test equipment maker Advantest rose 1 4 percent while Subaru accelerated 1 8 percent Trading house themes found favor on rising energy and commodity prices with Marubeni ending the day up 2 percent But insurance woes weighed heavily due to disappointing earnings for some companies in the fiscal first half as well as downward revisions to companies earnings prospects dealers said here MS AD Insurance Group Holdings lost 1 5 percent while Sompo Holdings fell 8 0 percent at the close Issues that went up outnumbered those that fell by 1 226 to 534 while 76 ended the day unchanged In the Prime Market on Monday 965 30 million shares changed hands down from Friday s volume of 1 126 25 million shares The turnover for the first trading day of the week came to 2 451 07 billion yen 17 36 billion US dollars Xinhua
Japan’s Nikkei closes slightly higher as exporters gain, US rate hike concerns

Nikkei Stock Average

Japan‘s benchmark Nikkei stock index closed slightly higher on Monday as exporters gained from the falling yen, but weighed on below-average earnings from insurance companies and concerns about the future health of the economy. American.

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The Nikkei Stock Average of 225 issues rose 45.02 points, or 0.16 percent, since Friday to close the day at 27,944.79.

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Meanwhile, the broader Topix index added 5.54 points, or 0.28 percent, to end at 1,972.57.

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Local traders said the US dollar gained against the Japanese yen on concerns that the US Federal Reserve will continue to aggressively raise interest rates next year in a bid to rein in runaway inflation.

On Friday, a Fed official suggested the central bank might proceed with another 0.75 percentage point hike going forward.

The resulting rise in the US dollar against the yen on Monday helped buoy some exporters, although concerns persist over a US economic slowdown.

“Financial markets are trying to balance the room for further rate hikes versus the degree to which the global and US economies will slow,” said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management.

At the close of the game, shipping, wholesale trade and steel themes were the biggest gainers.

Exporters gained on the yen’s decline as their overseas earnings rise when repatriated at favorable exchange rates, and their overall competitiveness improves in global markets, investment analysts said.

Among these, chip test equipment maker Advantest rose 1.4 percent, while Subaru accelerated 1.8 percent.

Trading house themes found favor on rising energy and commodity prices, with Marubeni ending the day up 2 percent.

But insurance woes weighed heavily, due to disappointing earnings for some companies in the fiscal first half, as well as downward revisions to companies’ earnings prospects, dealers said here.

MS&AD Insurance Group Holdings lost 1.5 percent, while Sompo Holdings fell 8.0 percent at the close.

Issues that went up outnumbered those that fell by 1,226 to 534, while 76 ended the day unchanged.

In the Prime Market on Monday, 965.30 million shares changed hands, down from Friday’s volume of 1,126.25 million shares.

The turnover for the first trading day of the week came to 2,451.07 billion yen (17.36 billion US dollars). ■

(Xinhua)

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