Japan's Nikkei nudges higher, but snaps three-week winning streak
The Nikkei was up 0.06 per cent at 39,810.88, after hitting an intraday high of 40,012.66.
The benchmark index fluctuated between negative territory and modest gains throughout the session. For the week, the Nikkei slipped 0.85 per cent, snapping a three-week winning streak.
The broader Topix was flat at 2,827.95.
"Investors remained optimistic about the market outlook, but the Nikkei is still vulnerable," said Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence Laboratory.
"As soon as it hit the 40,000 level, there was a sell-off to book profits," he said.
Wall Street rallied on Thursday to record closing highs, as chipmaker Nvidia rose closer to a US$4 trillion valuation and a surprisingly strong US jobs report cheered investors, who shrugged off dimming chances for an interest rate cut this month.
Investors remained cautious and refrained from making active bets on Japanese stocks at the end of the week, as they awaited a key US trade tariff deadline next week, strategists said.
Chip-related stocks led the gains on the Nikkei, with Advantest rising 1.38 per cent and Tokyo Electron gaining 0.46 per cent.
Banking shares advanced as Japanese government bond yields tracked US yields higher. Solid job gains in the US bolstered the case for the Federal Reserve to keep interest rates on hold.
The bank sector rose 1.29 per cent, with shares of Mitsubishi UFJ Financial Group climbing 1.16 per cent. Utility sector rose 1.3 per cent to become the top gainer among the 33 industry sub-indexes on the Tokyo Stock Exchange. Uniqlo-brand owner Fast Retailing fell 0.6 per cent to weigh on the Nikkei the most.
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The Star
2 hours ago
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In reversal, Japan now wants rice farmers to produce more. Will it work?
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New Straits Times
8 hours ago
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Japan's Nikkei nudges higher, but snaps three-week winning streak
TOKYO: Japan's Nikkei ended slightly higher on Friday, as chip-related stocks tracked Wall Street's strong overnight performance, but the index snapped a three-week winning streak on caution ahead of the US trade deal deadline. The Nikkei was up 0.06 per cent at 39,810.88, after hitting an intraday high of 40,012.66. The benchmark index fluctuated between negative territory and modest gains throughout the session. For the week, the Nikkei slipped 0.85 per cent, snapping a three-week winning streak. The broader Topix was flat at 2,827.95. "Investors remained optimistic about the market outlook, but the Nikkei is still vulnerable," said Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence Laboratory. "As soon as it hit the 40,000 level, there was a sell-off to book profits," he said. Wall Street rallied on Thursday to record closing highs, as chipmaker Nvidia rose closer to a US$4 trillion valuation and a surprisingly strong US jobs report cheered investors, who shrugged off dimming chances for an interest rate cut this month. Investors remained cautious and refrained from making active bets on Japanese stocks at the end of the week, as they awaited a key US trade tariff deadline next week, strategists said. Chip-related stocks led the gains on the Nikkei, with Advantest rising 1.38 per cent and Tokyo Electron gaining 0.46 per cent. Banking shares advanced as Japanese government bond yields tracked US yields higher. Solid job gains in the US bolstered the case for the Federal Reserve to keep interest rates on hold. The bank sector rose 1.29 per cent, with shares of Mitsubishi UFJ Financial Group climbing 1.16 per cent. Utility sector rose 1.3 per cent to become the top gainer among the 33 industry sub-indexes on the Tokyo Stock Exchange. Uniqlo-brand owner Fast Retailing fell 0.6 per cent to weigh on the Nikkei the most.
