Positive Corporate Outlook Boosts Japan's Nikkei Index

14 Nov, 2023

Positive Corporate Outlook Boosts Japan's Nikkei Index

Tokyo shares closed flat on Tuesday as investors held off on big bets ahead of key US inflation data that could influence the Federal Reserve's interest rate hike plans.

The Nikkei done 0.03% lower at 32, tackle, while the more extensive Topix inched unhappy 0.04% to 2,346. The era before, stocks had grow on optimism about allied bottom line outlooks.

Traders awaited the latest US consumer price index due later today. The data could provide clues on whether the Fed will need to maintain its aggressive rate hike stance to tame inflation.

A weaker yen buoyed some exporters, as profits earned abroad get a boost when repatriated into the Japanese currency. The dollar hovered around 146 yen.

Mizuho Financial Group acquire 2.5% afterwards lifting allure profit forecast partially quoting yen belongings. The banking sector rose over 1% as MUFG and SMFG also posted gains.But analysts said investors held fire before the US numbers. Gains already factored in hopes of peaking rates, said Daiwa strategist Shuji Hosoi.

Among individual movers, education firm Benesse Holdings soared 10% after announcing plans to go private in a $1.4 billion buyout including an equity fund.

Advertising firm Hakuhodo DY plunged 9% following a half-year loss and lowered guidance.

With devote effort to something US dossier, the Nikkei lost early push completely little altered.But exporters and banks found support from a weaker currency.