Tokyo’s Nikkei edges up with eyes on commerce, central banks

TOKYO: Tokyo’s benchmark Nikkei closed fractionally increased on Monday due to good points in blue-chip shares, with traders eyeing the US-China commerce battle and key central financial institution conferences this week.

The Nikkei 225 index rose 0.03 %, or 7.11 factors, to 21,124.00, however the broader Topix index was down 0.45 %, or 6.97 factors, at 1,539.74.

Some blue-chip shares, led by Sony, SoftBank and Uniqlo informal put on operator Quick Retailing, gained floor, offsetting declines in chip-related shares, stated Shinichi Yamamoto, dealer at Okasan Securities in Tokyo.

“However gamers have been largely on the sidelines forward of the FOMC (Federal Open Market Commitee) beginning on Tuesday,” Yamamoto advised AFP.

Tsuyoshi Nomaguchi, strategist at Daiwa Securities, stated: “If the Fed’s view on the economic system is hawkish sufficient to take away market expectations of a charge reduce, that will ship shares costs down.”

Buyers have been additionally watching the US Commerce Consultant’s public hearings on President Donald Trump’s plans to impose recent tariffs on Chinese language-made items, which can begin on Wednesday.

“It’s value watching if there’s any influence from the US-China commerce battle on the Japanese commerce statistics due on Wednesday,” Nomaguchi stated.

The greenback fetched 108.59 yen in Asian afternoon commerce, in opposition to 108.55 yen in New York on Friday.

The Financial institution of Japan’s two-day assembly by Thursday will probably be monitored as it might have an effect on the dollar-yen charge, analysts stated.

In Tokyo, SoftBank jumped 1.84 % to 10,190 yen whereas Quick Retailing rose 1.31 % to 66,930, with Sony up 2.49 % at 5,635 yen.

Chip-linked shares have been decrease after the US chip sector declined, with chip-testing tools maker Advantest dropping 2.91 % to 2,529 yen and chip-making tools producer Tokyo Electron diving 2.49 % to 14,265 yen.

Copyright AFP (Agence France-Press), 2019

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