TOKYO: Japan’s Nikkei snapped a five-session slide on Thursday, led by gains in drug makers and technology stocks, as investors awaited the US Federal Reserve’s Jackson Hole conference for clues on the pace of rate hikes.
The Nikkei share average rose 0.58% to 28,479.01, while the broader Topix gained 0.48% to 1,976.60.
“Investors made a bet that the market would rebound after this big event is over, even if there are hawkish comments from the Fed meeting,” said Ikuo Mitsui, a fund manager at Aizawa Securities.
“But they are also aware that inflation in the US will be persistent and it will take time to contain it, so the market could soften next month.”
Drug maker Daiichi Sankyo jumped 4.6% and was the biggest boost to the Nikkei, followed by chip-making equipment maker Tokyo Electron, climbing 1.22%, and air-conditioning maker Daikin Industries, up 1.59%.
Tokyo stocks close lower on interest rate worries
Mitsubishi Corp rose 1.57% as the trading firm said it had decided to apply for a stake in the new Russian entity that took over the Sakhalin-2 liquefied natural gas project.
Nuclear power plant operator Tokyo Electric Power Company Holdings erased its early gains to fall 0.36%.
The stock had risen nearly 9% earlier this week on expectation of a restart of nuclear plants.
The Japanese government said on Wednesday the country would restart more idled nuclear plants and look at developing next-generation reactors.
Nuclear power-related shares had a mixed day, with IHI giving up early gains to close down 0.28%, while Hitachi Zosen added 2.28% and Mitsubishi Heavy Industries rose 0.58%.
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