TOKYO: Tokyo shares closed flat Thursday as investors awaited the release of US consumer price data, hoping for slowing US inflation and less aggressive rate hikes.
The benchmark Nikkei 225 index was up just 0.01 percent, or 3.82 points, to 26,449.82 at the close, while the broader Topix index added 0.36 percent, or 6.93 points, to 1,908.18.
The dollar fetched 131.60 yen in Asian trade, down from 132.47 yen on Wednesday in New York.
IwaiCosmo Securities said in a note that a “slowing in the US consumer price index is expected while speculation emerged at home that yields could rise again ahead of the Bank of Japan’s policy meeting next week”.
Global investors are hopeful that the US data will indicate cooling inflation and encourage the US Federal Reserve to take steps toward an eventual soft landing, according to Stephen Innes of SPI Asset Management.
Softer inflation data may prompt Fed policymakers to bring forward “the ultimate pause (on rate hikes) and eventual rate-cut playbooks sooner rather than later to support Main Street’s recovery from the post-pandemic slump”, he said.
Toyota rose 1.09 percent to 1,857.5 yen, and Sony advanced 0.41 percent to 11,145 yen.
Industrial robot maker Fanuc added 1.94 percent to 21,230 yen.
Uniqlo operator Fast Retailing fell 1.96 percent to 79,840 yen following gains on Wednesday after it said it would raise the wages of thousands of its employees in Japan by up to 40 percent.
Comments
Comments are closed.