Japan Nikkei rebounds 2.6%

Japanese share market finished session sharp higher on Friday, 12 August 2022, recouping the losses in the previous two sessions, as weaker-than-expected U.S. consumer and producer price indexes for July helped ease concerns about inflation in the world's largest economy.

At closing bell, the 225-issue Nikkei Stock Average index surged by 727.65 points, or 2.62%, to 28,546.98. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 39.53 points, or 2.04%, to 1,973.18.

Tech-related shares were higher with industrial robot maker Fanuc closing up 5.9%. Advantest, a major producer of testing kits for semiconductors, climbed 3.9%, while chip-making equipment manufacturer Tokyo Electron jumped 4.5%.

 

SoftBank Group surged 5.6% on news that it would add 4.6 trillion yen to its pre-tax gains by reducing its stake in Chinese tech giant Alibaba.

Honda Motor rose 3.2% after the automaker raised its outlook for full-year operating profit thanks to a weaker yen.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 105.257 after a recent drop from above 106. The Japanese yen traded at 133.35 per dollar, after strengthening earlier this week.

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