TOKYO: Japan’s Nikkei rose to a one-month high on Tuesday, led by technology heavyweights, after strong retail sales data helped Wall Street close higher overnight. Also boosting risk sentiment, data showed a surge in Japan’s factory output in November as production in the auto sector benefited from a recovery in global parts supplies.
The Nikkei share average rose 1.37% to close at 29,069.16, its highest since Nov. 25. The broader Topix advanced 1.37% to 2,005.02. The S&P 500 index ended at a record high in its fourth straight session of gains, as an ecommerce-powered boom in retail sales underscored economic strength and eased worries from Omicron-driven flight cancellations that hit travel stocks.
“Sentiment is strong with gains in US equities last night. The Japanese market will keep the momentum if the US market remains strong,” said Takatoshi Itoshima, a strategist at Pictet Asset Management. “But most participants are short-term investors, with many long-term investors away for the holiday season, such investors may sell shares to gain profits if the market keeps rising.”
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