Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japanese stocks end higher on Wall St gains, Nikkei lags broader market

08/30/2021 | 02:50am EST

TOKYO, Aug 30 (Reuters) - Japanese stocks closed higher on Monday, catching the tailwind from a bounce on Wall Street after U.S. Federal Reserve Chair Jerome Powell's comments at the Jackson Hole symposium allayed market fears of a fast withdrawal of pandemic-era stimulus.

The broad Topix rallied into the close to end at the day's high of 1,950.14, a 1.11% advance to a more than two-week peak. The Nikkei gained 0.54% to 27,789.29, but off the high of 27,921.55 reached early in the trading day.

"As the Nikkei approached 28,000, sellers came out to take profits," Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management, said.

With Japan struggling to contain a fifth wave of COVID-19 infections and ahead of a ruling party leadership election next month, "investors seem to have adopted a wait-and-see stance" before trying to push the index much higher, he said.

The monthly U.S. jobs report this Friday could also be pivotal in determining how soon the Fed can trim stimulus.

Powell appeared to strike a more dovish tone than many other Fed officials on Friday, refraining from providing a clearer picture regarding the timing of tapering or interest-rate hikes, boosting the S&P 500 and Nasdaq to peaks.

A rally in commodities put domestic commodity-related sub-sectors in two of the top three spots in the Topix, led by a 4.28% jump for Japanese iron and steel companies.

The sea transport sub-sector was the second-best performer, climbing 3.45% and hitting its highest since 2008.

Nippon Steel was the biggest gainer on the Nikkei, surging 5.27%, followed by a 5.25% climb in Dowa Holdings . JFE Holdings rose 4.92% and Kobe Steel added 4.7%.

Shipper Mitsui OSK Lines was the third biggest gainer, advancing 5.1%.

Car and truck makers fared well, with Hino Motors up 3.47% and Mitsubishi Motors gaining 2.93%. Toyota Motor Corp rose 0.78%, while Nissan Motor Co jumped 1.81%.

Semiconductor shares also gained, with Tokyo Electron up 1.06% and Advantest adding 0.54%.

Among decliners, Uniqlo operator Fast Retailing sank 2.04% to be the worst performer on the Nikkei, while SoftBank Group dropped 0.47%. (Editing by Sherry Jacob-Phillips and Uttaresh.V)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.41% 10050 End-of-day quote.30.01%
DOWA HOLDINGS CO., LTD. 1.66% 4275 End-of-day quote.14.46%
FAST RETAILING CO., LTD. -0.73% 66650 End-of-day quote.-27.92%
HINO MOTORS, LTD. 2.65% 967 End-of-day quote.10.01%
JFE HOLDINGS, INC. 3.18% 1363 End-of-day quote.37.96%
KOBE STEEL, LTD. 2.16% 568 End-of-day quote.3.09%
MITSUBISHI MOTORS CORPORATION 2.33% 351 End-of-day quote.61.75%
MITSUI O.S.K. LINES, LTD. 5.25% 7620 End-of-day quote.141.90%
NIPPON STEEL CORPORATION 3.52% 1794 End-of-day quote.35.09%
NISSAN MOTOR CO., LTD. 4.06% 564.5 End-of-day quote.0.80%
SOFTBANK GROUP CORP. -0.71% 5559 End-of-day quote.-31.01%
TOKYO ELECTRON LIMITED -0.47% 59300 End-of-day quote.54.43%
TOYOTA MOTOR CORPORATION 1.64% 2079 End-of-day quote.30.64%
Latest news "Economy & Forex"
09:06aSaudi sami launches joint venture with french company figeacaero and dussur to build a manufacturing facility in the kingdom to produce aerostructure components - statement
08:57aOPEC will continue with supply adjustments for oil market, chief says
08:32aErdogan says he hopes volatile Turkish lira will steady soon
08:32aUNECA UNITED NATIONS ECONOMIC COMMISSION FOR AFR : Studies on Kenya, Botswana, Zimbabwe highlight the need for urgent reforms in Africa
07:39aTelecom Italia close to choosing advisers for KKR deal - sources
07:11aErdogan says he hopes Turkish lira will steady soon
06:51aPakistan receives $3 billion loan from Saudi Arabia
06:22aFormer Congo president's ally loses chairmanship of state mining company
05:52aECOWAS ECONOMIC COMMUNITY OF WEST AFRICAN STATES : Towards reopening all closed land borders in the region
05:52aECOWAS Commission Organizes Technical Committee Meeting On Ecowas Single Currency Programme
Latest news "Economy & Forex"