Market Updates
Japan Indexes Extended Weekly Gains, Core Inflation Accelerated Third Consecutive Month In July
Akira Ito
23 Aug, 2024
Tokyo
Stocks in Tokyo traded higher amid heightened anxieties about the future rate path, and investors reviewed the latest inflation update.
The Nikkei 225 stock average increased 0.4%, and the Topix index gained 0.5% after core inflation accelerated for the third month in a row in July.
July's overall inflation held steady at 2.8% for the third month in a row, and core inflation increased to 2.7% after electricity prices soared 22% and the cost of gas increased 7.4% after the government ended subsidies.
Core inflation, which excludes fresh food and includes energy costs, advanced to the highest reading since February and stayed above the BoJ's target rate of 2%.
The latest inflation data confirmed the hawkish shift of the Bank of Japan this year.
The yen weakened to 145.65 against the U.S. dollar after the release of inflation data and ahead of comments from Bank of Japan Governor Kazuo Ueda to parliament members.
Japan Stock Movers
The Nikkei 225 stock average added 0.4%, and the Topix index advanced 0.5% to 38,364.27.
Tech stocks led the decliners following the losses in overnight trading in New York.
Advantest, Lasertec, Tokyo Electron, Disco Corp., and SoftBank lost between 1% and 3%.
Export-focused companies were among the leading gainers after the yen weakened in Friday's trading.
IHI Corp. added 3.5% to ¥6,099.0, Mitsubishi Heavy Industries gained 2.2% to ¥1,870.50, and Kawasaki Heavy Industries increased 2.7% to ¥5,011.0.
Shimizu Corp. advanced 4.7% to ¥972.30, and Taisei Corp. gained 3.9% to ¥6,602.0.
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