Japan’s Nikkei limps towards weekly gain with eyes on central bank meetings

TOKYO: Japan’s Nikkei share average was poised for a weekly advance on Friday as investor attention turned towards major central bank decisions next month.

The Nikkei 225 Index slid 0.2% to 50,084.8.

The gauge was poised for a 3.2% weekly advance, but its 4.2% slide this month would be the worst November performance since 2011.

The broader Topix was up 0.1%.

Trading cues were limited with the US markets shut on Thursday for the Thanksgiving holiday.

Faster core inflation in Tokyo highlighted chances for a Bank of Japan rate hike next month, while recent strength in US technology shares hinged on whether the Federal Reserve delivers an interest rate cut in December.

“With limited catalysts, aggressive buying activity is limited,” said Nomura Securities strategist Maki Sawada.

“Heading into December, the current market focus is on monetary policy developments in Japan and the US” A postponed Fed rate cut “could trigger a decline in major high-tech stocks,” she said.

There were 118 advancers on the Nikkei index against 106 decliners.

The largest gainer was Okuma with a 5.1% rise, followed by Japan Steel Works, which added 3.3%.

The largest losers by percentage were Screen Holdings , down 1.9%, and NEC, which retreated 1.8%.