Market Updates
Japan's Corporate Capital Spending Rises 12th Consecutive Quarter, Nikkei Jumps 1%
Akira Ito
03 Jun, 2024
Tokyo
In a broad rally, market indexes advanced in Monday's trading in Tokyo.
The Nikkei 225 and the Topix indexes advanced following the market gains in Friday's trading in New York and Europe.
Market sentiment was positive for the second session in a row after the PCE price index, an alternative measure of inflation, held steady at 2.7%.
The PCE price index increased at an annual pace of 2.7% in April, matching the four-month high rate in March.
The core PCE price index, which excludes food and energy prices, held steady at 2.9%, matching the rate in the previous two consecutive months.
Closer to home, Japanese companies increased capital expenditure on plant and equipment by 6.8% from a year ago in the first quarter, an increase for the twelfth quarter in a row, but slowed from the 16.4% jump in the fourth quarter of 2023.
Japan Stock Movers
The Nikkei 225 Stock Average rose 1.2% to 38,965.50, and the Topix index advanced 1% to 2,798.93.
Financial stocks led the gainers in Tokyo trading, and Mitsubishi UFJ, Mizuho Financial Group, and Sumitomo Mitsui gained between 1.5% and 1.9%.
Tech stocks also gained following the late rally in tech stocks in overnight trading in New York.
Tokyo Electron, Advantest, Screen Holdings, and Softbank jumped between 0.5% and 1.3%.
Chemical and pharmaceutical companies were also in favor of Monday's trading.
Nissan Chemical jumped 6% to ¥4,620.0, and Sumitomo Pharma jumped 7.5% to ¥328.0.
Mercari, the community marketplace operator, jumped 11.7% to ¥2,048.0.
Annual Returns
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Earnings
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