Tokyo shares edged higher on Thursday, with exporters rallying the yen, despite an overnight fall in US stocks.
The benchmark Nikkei 225 index rose 0.22 per cent, or 61.85 points, to 28,296.14, while the broader Topix index rose 0.24 per cent, or 4.67 points, to 1,974.65.
Analysts said the yen’s weakness against major currencies continued to provide solid support for shares of Tokyo exporters, though there could be a respite in the overall market after recent gains.
The dollar settled at a 20-year high of 134.41 yen against 134.29 yen overnight in New York.
Wall Street shares fell on lingering concerns about inflation, while US yields remained higher.
“Tokyo stocks are currently showing resilience following the decline in US stocks,” Okasan Online Securities said in a note. But the Nikkei averaged 820 yen in the past four straight winning sessions and notable adjustment pressure at 1,600 yen over the past two weeks. grew without encountering it.”
“Some players may choose to take advantage,” it said, adding that there was still a “healthy appetite for dip shopping”.
Global markets were at a less certain level amid concerns about inflation, the economic outlook, oil prices, Russia’s war on Ukraine and the direction of US yields.
National Australia Bank’s Rodrigo Catril wrote in a note that rising oil prices are also fueling “inflation concerns and the need for central banks to increase their rush”.
“Equity market continues to be volatile, unable to establish a new up or down trend,” he wrote.
Among major Tokyo stocks, Toyota rose 0.99 percent to 2,252 yen. SoftBank Group jumped 3.04 percent to 5,732 yen.
Nintendo rose 2.12 percent to 60,200 yen. Uniqlo-operator Fast Retailing rose 0.44 percent to 68,800 yen.
Energy developer INPEX rose 2.91 percent to 1,801 yen. Mitsubishi UFJ Financial Group rose 0.50 percent to 746.2 yen.
Meanwhile, Sony Group cut earlier gains and rose 0.08 percent to 12,355 yen. Major shipping firm Nippon Yusen fell 5.48 percent to 10,010 yen.
hi/sah/cwl