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Japanese stocks closed flat on Thursday, after a topsy-turvy day of trading that saw the possibility of a recession weigh on investors’ minds.

The Nikkei share average was up 0.08% at 26,171.25 when markets closed, continuing to trade above the psychological 26,000 mark after having dipped as low as 25,520.23 on Monday.

Of the Nikkei’s 225 components 106 made gains, while 116 lost value and three were flat.

The broader TOPIX index fell 0.05% to 1,851.74.

“When global markets are facing rate increases and recession, Japan is positioned differently,” said Shuji Hosoi, senior strategist at Daiwa Securities.

“The Bank of Japan decided to keep its monetary policy unchanged, and the economic activities have started picking up since the COVID-19 restrictions were lifted.”

But others had a murkier outlook.

“There is a strong sense of caution about an economic slowdown caused by tighter monetary policy in the U.S.,” said a market participant at a domestic securities company this morning.

Toshiba shares closed up 3.54% at 5,696 following a Reuters report overnight that bidders are preparing a takeover offer that would value the troubled conglomerate at 7,000 yen a share, or about $22 billion.

The Nikkei’s best-performing sector was utilities, up 1.14% overall. Basic materials firms dragged on the index, losing 2.63%.

Tokio Marine Holdings Inc was the Nikkei’s top individual performer today, gaining 2.61%. Nippon Sheet Glass Co Ltd and real estate company Tokyo Tatemono Co Ltd both gained 2.60%.

Beverage manufacturers Sapporo Holdings Ltd, Asahi Group Holdings Ltd, and Kirin Holdings Co Ltd all saw gains of 2.60%, 2.34%, and 1.27%, respectively.

The worst performing stock on the Nikkei was Sumitomo Metal Mining Co Ltd, which lost 6%.

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