Japan Market gains 0.87%

Japanese share market finished session slightly higher on Thursday, 04 August 2022, as risk sentiments improved on tracking positive cues from Wall Street overnight as well as upbeat earnings of Japanese companies. Meanwhile, the yen's fall against the dollar also supported the market. However, market gains were capped as investors awaited the U.S. jobs data due out Friday.

At closing bell, the 225-issue Nikkei Stock Average index rose by 243.67 points, or 0.87%, to 28,175.87. The broader Topix index of all First Section issues on the Tokyo Stock Exchange advanced 16.44 points, or 0.85%, to 1,947.17.

Total 29 of 33 sectors of Tokyo Stock Exchange closed higher, with shares in Iron & Steel, Foods, Wholesale Trade, Securities & Commodities Futures, and Metal Products issues being notable gainers. Oil & Coal Products, Mining, and Banks issues were notable losers.

Kikkoman Corp led the gains among Nikkei's best performers, rising 9.25% after the Japanese soy sauce maker posted strong first-quarter results and projected a 4.6% increase in fiscal-year net profit, despite a sharp rise in costs of raw materials.

Nippon Steel Corp gained 8.3% after Japan's top steelmaker predicted a 6% drop in annual net profit due to lower output as it expressed confidence in being able to pass on rising costs to customers.

Clothing manufacturer Fast Retailing gained 1.3% after it floated plans to open its first U.S. store for discount brand GU this autumn.

Entertainment company Konami Group Corp turned out to be the worst performer in the Nikkei, losing 3.9% after reporting a fall in profit despite an uptick in revenue.

CURRENCY NEWS: The U.S. dollar traded firmly in the lower 133 yen zone on buying for position adjustment purposes. At 5 p.m., the dollar fetched 133.30-32 yen compared with 132.88-98 yen in New York and 134.15-16 yen in Tokyo at 5 p.m. Thursday.

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