Japan Nikkei wins on ultra-easy BOJ stance and Russia-Ukraine peace talks
The Japanese equity market ended the session higher on Tuesday, March 29, 2022, as the resumption of peace talks between Russia and Ukraine bolstered investor sentiment. Meanwhile, the market was buoyed by demand for securing dividend distribution rights.
The Bank of Japan has also pledged to defend a key yield cap, offering to buy unlimited government bonds for the first four days of this week in the face of growing inflationary pressures.
At the close, the 225-issue Nikkei Stock Average was up 308.53 points, or 1.1%, at 28,252.42. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 18.29 points, or 0.93%, to 1,991.66.
Shares of exporters advanced as the yen depreciated to the upper 123 level against the dollar, with stocks of auto and parts makers and shippers leading the gains. Toyota Motor rose 2.2%, Honda Motor gained 1.78% and Nissan Motor climbed 1.52%
ECONOMIC NEWS: Japan’s unemployment rate at 2.7% in February – Japan’s unemployment rate stood at 2.7% seasonally adjusted in February, the Ministry of Communications and Home Affairs announced on Tuesday, against 2.8% in January.
A year earlier, the unemployment rate was 2.9%. The job-candidate ratio was 1.21. Turnout was 61.8%, beating estimates of 61.7%, which would have remained unchanged.
CURRENCY NEWS: The Japanese yen was trading at around 123.60 against the greenback in Tokyo on Tuesday following the Bank of Japan’s offer on Monday to buy unlimited amounts of 10-year JGB at 0.25% for the first four days of this week. As of 5 p.m., the dollar stood at 123.57-61 yen, compared to 123.92-93 yen at the same time on Monday. The euro was at 135.92-99 yen, down from 135.71-72 yen.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)