Japan Stocks gain on tracking US gains

Japan share market finished session higher on Monday, 30 May 2022, with thirty of 33 TOPIX sectors settling in the green, as appetite for risk assets underpinned on tracking positive lead from Wall Street last Friday on easing concerns over excessive U.S. inflation. Meanwhile positive trade on the Hong Kong and mainland Chinese markets on China's easing of COVID-19 curbs also boosted sentiment.

At closing bell, the 225-issue Nikkei Stock Average surged by 587.75 points, or 2.19%, to 27,369.43. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 35.14 points, or 1.86%, to 1,922.44.

 

Total thirty of 33 TOPIX sectors ended the session green, with Services (up 3.4%), Electric Appliances (up 3.3%), Machinery (up 23%), Chemicals (up 2.3%), Transportation Equipment (up 2.1%), and Precision Instruments (up 2.1%) issues enjoying the largest percentage gain.

US stocks enjoyed a broad-based rally on Friday, after data showed that U.S. consumer spending rose in April and the uptick in inflation slowed, two signs the world's largest economy could be on track to grow this quarter.

Shares of Kubota Corp, Sony Group, Fanuc and Daikin Industries surged 4-7 percent. Shipping firms succumbed to selling pressure, with Mitsui O.S.K. Lines falling 3.1 percent.

CURRENCY NEWS: The Japanese yen traded at 127.29 per dollar, stronger as compared with levels above 127.8 seen against the greenback last week.

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