Japan Market gains for the first time in eight sessions

Japan share market closed higher for the first time in eight sessions in row on Wednesday, 15 May 2019, as investors chased for bottom fishing on heavily battered stocks, thanks to U.S. President Donald Trump's optimistic remarks that eased worries about the U.S.-China trade dispute. At closing bell, the 225-issue Nikkei Stock Average was up 121.33 points, or 0.58%, at 21,188.56, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange rebounded 9.17 points, or 0.6%, lower at 1,544.15. .

Total 26 issues of 33 subsectors of the Tokyo Stock Exchange inclined, with shares in Textiles & Apparels, Real Estate, Electric Appliances, Precision Instruments, Oil & Coal Products, and Foods issues being notable gainers whereas Pharmaceutical, Iron & Steel, and Construction issues were notable losers. .

 

The local market rebounded as worries over US-China trade friction receded after US President Trump offered an optimistic view on the prospects for the negotiations. On Tuesday, Trump tweeted: When the time is right we will make a deal with China, adding that his respect and friendship with President Xi is unlimited. However he also said the Federal Reserve could retaliate with cheap money in response to China's easy monetary policy. China will be pumping money into their system and probably reducing interest rates, as always, in order to make up for the business they are, and will be, losing. If the Federal Reserve ever did a 'match' it would be game over, we win! In any event, China wants a deal! Trump tweeted. .

Exporters were mostly higher with Sony Corp up 4%, Subaru Corp rising 2.7% and Hitachi 2.6% higher. Sharp gained 1.14 percent and electronic parts maker Rohm was up 0.13 percent. Nissan Motor slumped 6.5% after the crisis-hit automaker said its net profits declined 57 percent year-on-year to a near-decade low of 319 billion yen. Its rival Toyota was down 0.15 percent at 6,519 yen and Honda was off 0.66 percent at 2,784.5 yen. .

Mitsubishi Estate jumped 9.2% after the real estate developer announced its first share buyback and a plan to abolish anti-takeover steps. .

Takeda Pharmaceutical plunged 7.8% after Japan's biggest drugmaker forecast an unexpected operating loss for the current year due to costs associated with the $59 billion purchase of Shire Plc. .

CURRENCY NEWS: The Japanese yen was little changed against the dollar on Wednesday. The dollar fetched 109.58 yen in early Asian trade, against 109.62 yen in New York. .

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