Japanese shares – Japanese stocks rose on Wednesday, led by Sony Group and chip-related stocks, although caution ahead of key U.S. inflation data later in the day limited further gains.
Japanese stocks rise thanks to Sony and chip stocks rise; Caution Ahead of US data weighs
Japanese stocks rise thanks to Sony and chip stocks rise; Caution Ahead of US data weighs
The Nikkei stock average rose 0.34% to 38,491.15 in midday trading, erasing most of its early gains.
Gains in the domestic stock market have been limited for several reasons. One is the US inflation data that will be released later today,” said Makoto Sengoku, senior equity market analyst at Tokai Tokyo Intelligence Laboratory.
“And markets were wary of cautious corporate outlooks. Some companies disappointed investors and dumped those stocks.”
Sony Group jumped 9% after the technology and entertainment conglomerate pledged to boost shareholder returns and forecast higher annual profits. Sony was the biggest boost to the broader Topix, which rose 0.18% to 2,735.97.
Chip testing manufacturing equipment maker Advantest advanced 3.12%. Isetan Mitsukoshi Holdings rose 14% after the department store operator reported increases in its annual sales and profits.Japanese shares
Rakuten Group fell 3.95% after the internet conglomerate posted its 15th consecutive quarter in the red, as losses at its mobile services network unit outpaced the record performance of its financial unit.Japanese shares
Of more than 1,600 stocks listed on the main Tokyo Stock Exchange, 32% rose and 64% fell, while 2% remained stable.All eyes are now on the US consumer prices report that could dictate the direction of Federal Reserve policy. Data is expected to show the CPI rose 0.3% month-on-month in April, up from 0.4% growth the previous month, according to a Reuters poll.Japanese shares
Nitori Holdings plunged 16% to become the Nikkei’s biggest loser after the home goods store operator’s annual net profit forecast fell short of market expectations.Japanese shares