Nikkei 225 Edges Higher as Yen Strengthens
The Nikkei 225 index in Japan rose modestly on Thursday after a difficult stretch for Japanese equities, closing at 65,270.95 with a gain of 128.17 points or 0.20%. This recovery came despite the recent surge in oil prices and global bond yields losing some momentum.
The strengthening yen continued to weigh heavily on the outlook for Japan's export-heavy companies, but technology and banking stocks led the way in Thursday's recovery. Kioxia Holdings gained 1.9%, Advantest rose 3.3%, Taiyo Yuden climbed 4.8%, Mitsubishi UFJ added 1.7% and Sumitomo Mitsui gained 1.5%.
The Bank of Japan is widely expected to raise interest rates at its policy meeting next week, with BOJ board member Kazuyuki Masu indicating the central bank intends to continue tightening monetary policy and scaling back its accommodative stance as underlying inflation moves closer to the bank's 2% target.