US market rebounded on Monday, as investors found respite in positive U.S. economic data amid rate-hike worries. Data released on Monday showed U.S. core capital goods orders accelerated in January, while contracts to buy previously owned U.S. homes rose the most in more than 2-1/2 years. At the same time, comments from Federal Reserve Governor Philip Jefferson indicated that inflation in the United States remained "stubbornly high", adding fuel to concerns of further monitory policy tightening.
The 225-issue Nikkei Stock Average index was up 21.60 points, or 0.08%, to finish at 27,445.56. The broader Topix index of all First Section issues on the Tokyo Stock Exchange increased by 0.50 point, or 0.03%, to 1,993.28.
Total 14 of 33 TSE sectors ended higher, with Real Estate, Services, Precision Instruments, Information & Communication, and Retail Trade issues being notable gainers, while Marine Transportation, Iron & Steel, Mining, Securities & Commodities Futures, and Nonferrous Metals issues were notable losers.
ECONOMIC NEWS: Industrial production was down a seasonally adjusted 4.6% on month in January, following the 0.3% increase in December, the Ministry of Economy, Trade and Industry said on Tuesday. On a yearly basis, industrial output fell 2.3% after skipping 2.4% in the previous month. Also, the METI has downgraded its assessment of industrial production, saying that it has weakened. According to the METI's forecast of industrial production, output is expected to jump 8% in February and rise 0.7% in March.
CURRENCY NEWS: Japanese yen was trading around upper 136 level against greenback. The dollar stood at 136.82 yen in late Tokyo trading Tuesday, up 0.46% from 136.20 on Monday, after trading in the range of 136.12-136.84.
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