Japan Stocks end mixed

Japan share market finished session with mixed note on Wednesday, 01 February 2023, despite positive offshore cues, as risk sentiments turned downbeat after official data showing manufacturing sector in Japan continued to contract in January and on caution ahead of the US policy meeting outcome later today.

The 225-issue Nikkei Stock Average index declined 106.29 points, or 0.39%, to finish at 27,327.11. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 7.13 points, or 0.36%, to 1,975.27.

Overnight, Wall Street got a boost after a report showed that growth for workers' pay and benefits in the US slowed during the end of 2022. With the pace of inflation cooling, virtually all of traders expects the Fed this week to announce its smallest increase to interest rates since March, at 0.25 percentage points. That would be the latest step-down after it pushed through four straight increases of 0.75 points and then a hike of 0.5 points.

 

Investors will watch how the Fed describes its decision and chair Jerome Powell's comments at a planned news conference for signs of whether the U.S. central bank will ease off plans for more rate hikes.

ECONOMIC NEWS: The manufacturing sector in Japan continued to contract in January, and at a steady pace, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 48.9. That's unchanged from the December reading and remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

CURRENCY NEWS: The yen stood at 130.19 against US dollar, depreciated 0.06% from previous day close of 130.09, after trading in the range between 129.87-130.43.

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