TOKYO: Tokyo shares ended nearly flat Friday, staying in a narrow band throughout the day as investors waited for Japan’s earnings season to get into full swing.
The benchmark Nikkei 225 index added just 0.07 percent, or 19.81 points, to 27,382.56, while the broader Topix index rose 0.22 percent, or 4.26 points, to 1,982.66.
The dollar stood at 129.91 yen, off from 130.25 yen in New York late Thursday.
“Gains of US shares provided support, but the market barely moved as investors waited for corporate earnings reports,” Daiwa Securities said in a commentary.
Confidence among global investors brightened overnight after US GDP data was better than expected in the final months of last year, renewing hopes for a “soft landing” in the world’s biggest economy. But shortly before the opening bell, the Tokyo region reported rising inflation, prompting buying of the yen against the dollar which spooked the stock market, the brokerage said.
Under the weight of the yen’s advance and rising yields for Japanese government bonds, the market became trapped in a narrow range, IwaiCosmo Securities said.Semiconductor shares suffered on reports that Japan and the Netherlands plan to join the US-led efforts to control exports of semiconductors and related products to China.
Advantest, a producer of tests for semiconductors, dropped 1.77 percent to 9,450 yen, and Tokyo Electron, which makes tools to build semiconductors, fell 0.13 percent to 45,480 yen.
Toyota reversed earlier losses and ended 0.40 percent higher at 1,900.5 yen after announcing Koji Sato as its new president and CEO, replacing third-generation chief executive Akio Toyoda who will become board chairman.
Comments
Comments are closed for this article.