Nikkei Back Near 15700 Buoyed by Strong U.S. Retail Sales

Tokyo’s Nikkei stock average rebounded from a one-month low on Wednesday as a robust U.S. retail sales report helped ease concerns about the pace of
growth in the world’s largest economy – one of Japan’s top trading partners.

The upbeat U.S. data also lifted the dollar from a four-week low against the yen, giving currency-sensitive Japanese exporters, such as Toyota Motor Corp and Sony Corp, a fillip.

A softer yen strengthens the competitiveness of Japanese exporters abroad and their dollar earnings when repatriated.   The Nikkei was up 1.4 percent at 15,638.95 in mid-morning trade after tumbling 3.1 percent on Tuesday, its biggest one-day decline in five months, while the yen was quoted at 104.135 per dollar, having fallen 1.2 percent overnight.

Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.