TOKYO: Japan’s Nikkei share average reversed course to trade higher on Thursday, as strong corporate earnings countered concerns ahead of US consumer price inflation data.
The Nikkei index was up 0.15% at 32,240.11, as of 0154 GMT, after opening 0.58% lower tracking overnight losses on Wall Street.
The broader Topix was up 0.27% at 2,288.83.
“The market was supported by stocks that reported strong results. The first-quarter corporate earnings season overall was very strong,” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.
US stocks closed lower on Wednesday, a day ahead of the US Consumer Price Index (CPI) inflation report that could influence the Federal Reserve’s interest rate decisions.
“The US inflation data will be announced at a time when yields on long-term bonds in the US and Japan are volatile, which has made investors nervous,”
Arisawa said, Japanese markets will be closed on Friday for a holiday. Among individual stocks, Honda Motor advanced 5.1% after the automaker reported a 78% jump in quarterly profit, boosted by increased sales, especially in the North American market, and a weaker yen.
Tokyo stocks tumble for second straight day
Inpex surged 15% after the oil and gas explorer raised its full-year net profit forecast by 7% and announced measures to boost the company’s value and shareholder returns.
Sony Group tanked 5.31% after the entertainment conglomerate reported a 31% slide in operating profit for the April-June quarter due to lacklustre performance at its movies and financial divisions.
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