Japan Market climbs to 1-month high

Japan share market finished session at one-month high on Monday, 23 January 2023, as risk sentiments supported by following the broadly positive cues from Wall Street rebound late last week and yen depreciation to mid-130 level against greenback.

The 225-issue Nikkei Stock Average index advanced 352.51 points, or 1.33%, to finish at 26,906.04, its highest close since 19 Dec. 2022. The broader Topix index of all First Section issues on the Tokyo Stock Exchange inclined 18.51 points, or 0.96%, to 1,945.38.

Shares of semiconductor and technology related companies closed notably higher. Chip-manufacturing equipment maker Tokyo Electron advanced 2.5% to 45,570 yen, while chip materials maker Resonac Holdings surged 3.2% to 2,164 yen. Streaming service operator CyberAgent gained 2.1% to 1,224 yen. Industrial robot maker Yaskawa Electric advanced 2.7% to 4,830 yen.

ECONOMIC NEWS: Members of the Bank of Japan's Monetary Policy Board agreed that the country's economy has continued to pick up steam, minutes from the central bank's meeting on December 19 and 20 revealed on Monday. At the meeting, the BoJ board members unanimously decided to maintain a negative interest rate of -0.1% on current accounts that financial institutions maintain at the central bank. They expanded its 10-year Japanese government bond yield target band, pushing the yen sharply higher and leading to a fall in government bonds.

CURRENCY NEWS: The yen stood at 130.49 against US dollar, depreciated 0.71% from previous day close of 129.57, after trading in the range between 129.05-130.55.

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