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Tokyo Stocks Open Higher – UrduPoint
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Tokyo, (UrduPoint / Pakistan Point News – 15th Nov, 2023) Tokyo stocks opened higher on Wednesday following sharp gains on Wall Street, where US inflation data fuelled hopes of an end to interest rate hikes.
The benchmark Nikkei 225 index was up 1.58 percent, or 516.99 points, to 33,212.92, in early trade, while the broader Topix index added 1.12 percent, or 26.32 points, to 2,371.61.
The Dollar stood at 150.64 yen, against the 150.37 Yen seen Tuesday in New York.
Consumer inflation in the United States increased by 3.2 percent in the 12 months to October, down from 3.7 percent a month earlier, according to the Labor Department.
The below-target core and headline inflation figures fuelled market hopes that the Fed is done hiking interest rates.
Senior market analyst Craig Erlam at OANDA described the report as “promising”.
“Today potentially lays the groundwork for the Fed to adopt a much less hawkish position — especially compared with September — and markets are now seemingly convinced the tightening cycle is over,” Erlam said.
In Japan, “the market was expected to start sharply higher following Wall Street rallies,” said Toshiyuki Kanayama, a senior market analyst at Monex.
Shortly before the opening, government data showed Japan‘s economy contracted a worse-than-expected 0.5 percent in the three months to September.
Among major shares in Tokyo, SoftBank Group surged 2.68 percent to 5,880 yen, Sony Group spiked 3.45 percent to 13,025 yen and Toyota climbed 0.94 percent to 2,870 yen.
Uniqlo operator Fast Retailing added 1.45 percent to 36,150 yen.