Japanese stocks rose, with the Topix index headed for a fifth straight weekly gain and the Nikkei 225 Stock Average extending a 15-year high, as metal product makers led advances. Shippers declined.
Wafer maker Sumco Corp.jumped 4.1 percent to lead gains on the Topix Metal Products Index, which rose the most among the 33 Topix industry groups. Japan Display Inc. jumped 7.8 percent after a report the company is considering building a plant in Japan at Apple Inc.’s request. Mitsubishi UFJ Financial Group Inc., the country’s No. 1 lender, dropped 1 percent to be the biggest drag on the Topix after gaining 6.8 percent the past two days. Nippon Yusen KK, the country’s biggest shipper, lost 2 percent.
The Topix added 0.2 percent to 1,497.29 at the trading break in Tokyo, having swung from a loss of 0.1 percent. It is headed for the strongest close since December 2007 and a 3.3 percent gain this week, its biggest such increase this year. About as many shares rose as fell. The Nikkei 225 rose 0.3 percent to 18,323.17.
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 firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.