Japan Stocks trade mixed

Headline indices of the Japan share market were marginal higher after fluctuating in and out of the boundary line on Thursday, 04 April 2019, as investors locked in profits after hitting 1-month highs midmorning and as of slightly stronger yen. However, market losses were limited on improved hopes of a trade deal to be reached between the US and China. Total 18 subsectors out of 33 subsectors of the Tokyo Stock Exchange inclined, with shares in Marine Transportation, Transportation Equipment, Nonferrous Metals, Electric Appliances, Machinery, and Rubber Products issues being notable gainers, whereas Mining, Pulp & Paper, Land Transportation, and Electric Power & Gas issues were notable losers. Around late afternoon trade, the 225-issue Nikkei Stock Average inclined 24.82 points, or 0.11%, at 21,738.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 0.28 point, or 0.02%, at 1,622.05.

Trade talks between the United States and China made good headway last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said. He said China had recognized problems for the first time during the talks that the United States has raised for years, referring to intellectual property theft, forced transfer of technology from U.S. companies doing business in China and others. The White House also announced President Donald Trump will meet later on Thursday (at 2030 GMT) with Chinese Vice Premier Liu He in Washington.

 

Chip equipment makers and silicon products makers gained ground in line with their U.S. counterparts rose overnight. Tokyo Electron gained 2.7%, Advantest Corp soared 3.4% and Sumco Corp jumped 5.1%.

Elsewhere, Japan Display Inc jumped 7%, extending its gains from the day before after reports that the company will begin to supply organic light-emitting diode (OLED) screens for the Apple Watch later this year.

Shares in Nissan rose 0.5% after former chief Carlos Ghosn was rearrested early Thursday on fresh financial misconduct allegations.

CURRENCY NEWS: The Japanese yen, widely viewed as a safe-haven currency, was trading in the lower 111 yen zone against the dollar on Thursday, marginally lower than its levels in New York overnight, as hopes of a trade deal between the United States and China lifted risk appetite globally. The dollar was quoted at 111.38-39 yen compared with 111.44-54 yen in New York and 111.51-52 yen on Wednesday in Tokyo.

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