Japan Nikkei surges to record high

Japan stock market finished session higher on Thursday, 21 March 2024, as risk sentiments underpinned on tracking a record on Wall Street overnight after the Federal Reserve kept interest rates unchanged and continued to signal that three rate cuts this year, easing fears that the recent bout of inflation would force the central bank to lean less dovish. Meanwhile, buying momentum supported further after data showed the country's exports grew for a third consecutive month amid increased demand in key markets.

The 225-issue Nikkei Stock Average index advanced 812.06 points, or 2.03%, to finish at 40,815.66. The broader Topix index of all First Section issues on the Tokyo Stock Exchange climbed up 45.24 points, 1.64%, to 2,796.21.

 

Shares of exporters gained. SoftBank Group soared 5% to 9,263 yen, Toyota jumped 3.4% to 3,799 yen and Uniqlo operator Fast Retailing climbed 2.8% to 46,860 yen.

ECONOMIC NEWS: Japan Manufacturing PMI Improves To 48.2 In March-The manufacturing sector in Japan continued to contract in March, albeit at a slower pace, the latest survey from Jibun Bank revealed on Thursday with a manufacturing PMI score of 48.2. That's up from 47.2 in February, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. Both output and new orders were scaled back at slower rates in the latest survey period, with the latter reducing at the softest rate since last October. Sustained declines in new orders and a renewed rise in employment levels meant for spare capacity in the sector. The survey also showed that the services PMI improved to 54.9 in March from 52.9 in February.

Japan Reports Trade Deficit Of Y379.4 Billion In February- Japan posted a merchandise trade deficit of 379.4 billion yen in February, the Ministry of Finance said on Thursday. Exports jumped 7.8% on year, topping expectations for an increase of 5.3% following the 11.9% gain in the previous month. Imports rose 0.5% on year versus expectations for a gain of 2.2% following the downwardly revised 9.8% drop a month earlier (originally -9.6%).

CURRENCY NEWS: Japanese yen fetched 150.96 per US dollar compared with 151.36 per US dollar in New York late Wednesday.

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