Japan Nikkei ends higher

The Japan share market closed higher after recouping early losses on Friday, 14 June 2019, as investors chased for recently battered stocks on tracking gains in US stocks overnight on hopes the Federal Reserve will ease monetary policy soon. Market gains were, however, limited on renewed geopolitical tension concerns between US-Iran following two oil tankers being attacked near the Strait of Hormuz in the Gulf of Oman the previous day. At closing bell, the 225-issue Nikkei Stock Average inclined 0.4%, or 84.89 points, to 21,116.89, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange added 0.34%, or 5.21 points, at 1,546.71.

ECONOMIC NEWS: Japan Tertiary Activity Index Increases In April -- Japan's tertiary activity increased for the first time in three months in April, data from the Ministry of Economy, Trade and Industry showed on Thursday. The tertiary activity index rose 0.8% month-over-month in April, after a 0.2% decline in March. Among the individual components of the survey, activities were up for electricity, gas, heat supply and water, information and communications, living and amusement-related services, retail trade, finance and insurance, goods rental and leasing, wholesale trade, and transport and postal activities. Meanwhile, activity was down for real estate, medical, health care and welfare, and business-related services. On an annual basis, the tertiary activity index grew 1.6% in April, following a 0.9% rise in the previous month.

 

CURRENCY NEWS: Japanese yen marginally appreciated against greenback on Friday, on caution ahead of the next week's Fed meeting, which will give investors an opportunity to see if the Fed's monetary policy stance is in sync with market expectations for a near-term rate cut. There is a large degree of uncertainty going into next week's FOMC (Federal Reserve Open Committee) meeting as market reaction will differ significantly depending on whether the Fed hints toward easing policy. The Japanese yen, often viewed as a safe-haven currency, traded at 108.30 after earlier touching 108.40.

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