Topix ends at record high after U.S. price data
TOKYO (Kyodo) -- The Topix index ended at a record high for the third consecutive trading day on Friday as the release of a weaker-than-expected U.S.
The Topix index surged to a record high for the third straight day on Friday, buoyed by a weaker-than-expected U.S. producer price index for July that dampened inflation worries. The Nikkei Stock Average rose 405.21 points, or 0.59 percent, to 68,713.80, while the Topix index climbed 21.16 points, or 0.51 percent, to 4,197.20. Marine transportation, mining, and information and communication sectors led the gains on the prime market.
The U.S. dollar weakened to the 159 yen range after trading in the mid-159 yen zone during Japan's summer Bon holidays, when trading activity was lighter due to fewer market participants. The euro also weakened slightly against the U.S. dollar. The yield on the benchmark 10-year Japanese government bond edged up marginally to 2.875 percent after a report suggesting the Bank of Japan might increase interest rates in September.
Recent economic data, including the July consumer price index and nonfarm payrolls, contributed to reduced speculation about a U.S. Federal Reserve rate hike, lifting Tokyo stocks. However, Federal Open Market Committee (FOMC) members' concerns about inflation have not been entirely dispelled by the data. Analysts noted that a series of recent economic indicators, including steadier-than-expected earnings from Japanese companies and Applied Materials Inc., a major U.S. chip manufacturing equipment producer, bolstered heavyweight technology shares on the Tokyo stock market.
Written by urgent.news from The Mainichi's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
