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.

Reported by: Business Desk
Nikkei | Image:Shutterstock

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. 


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. 


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. 


Additionally, expectations of a gradual interest rate hike by the Bank of Japan further bolstered stock prices in this sector.

(With Reuters Inputs)


Published March 29th, 2024 at 08:57 IST