Updated March 29th, 2024 at 08:57 IST
Nikkei rebounds as Yen stabilises; property sector leads gains
The Nikkei rose by 0.74% to 40,466.82 by midday, aiming to recover from a 1% loss for the week.
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Nikkei bounces back: Japan's Nikkei share average saw a rebound on Friday, recovering from previous losses, as market sentiment improved with a stabilising yen after hitting a three-decade low.
The Nikkei rose by 0.74 per cent to 40,466.82 by midday, aiming to recover from a 1 per cent loss for the week.
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The broader Topix also climbed by 0.81 per cent to 2,773.14, despite a potential 1.4 per cent weekly decline. Analysts attributed the bounce to technical factors and optimism surrounding a weaker yen, deemed favourable for domestic stocks.
While concerns lingered about possible currency interventions, market players remained cautiously optimistic. Notable gainers included Fast Retailing, while chip-related companies like Tokyo Electron and Advantest also saw upticks.
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The property sector surged by 3.12 per cent, with Mitsui Fudosan, Tokyo Tatemono, and Sumitomo Realty & Development among the top performers.
The sector's momentum was fueled by a government report indicating the sharpest rise in land prices in 33 years in 2023.
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Additionally, expectations of a gradual interest rate hike by the Bank of Japan further bolstered stock prices in this sector.
(With Reuters Inputs)
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Published March 29th, 2024 at 08:57 IST