Japan share market finished session slightly higher on Thursday, 18 April 2024, snapping three day losing streak, as dip-buying kicked in after an unusual trilateral agreement between the U.S., Japan and Korea to consult closely on foreign exchange. However, market gains were limited as traders still focused on the Middle East as a diplomatic flurry aims to calm tensions after Iran's unprecedented attack on Israel over the weekend. Meanwhile dimmed prospects for early US rate cuts also capped upside.
At closing bell, the 225-issue Nikkei Stock Average index was up 117.90 points, or 0.31%, to 38,079.70. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 14.30 points, 0.54%, to 2,677.45.
ECONOMIC NEWS: Japan Tertiary Activity Index Rebounds 1.5% In February- Japan's tertiary activity index increased at a faster-than-expected pace in February, according to data from the Ministry of Economy, Trade, and Industry on Thursday. The seasonally adjusted tertiary activity index rose 1.5% month-on-month in February, reversing a 0.5% decrease in January. Among the individual components, living and amusement-related services, retail trade, wholesale trade, transport and postal activities, information and communications, finance and insurance, business-related services, electricity, gas, heat supply and water, and goods rental and leasing increased in February. Meanwhile, medical, health care and welfare, and real estate decreased. On a yearly basis, the tertiary activity index increased at a faster pace of 2.5% in February after a 1.0% gain in the prior month. Moreover, it was the quickest increase in six months.
CURRENCY NEWS: Japanese yen moved in the lower 154 zone against greenback amid wariness that Japanese authorities may conduct a yen-buying intervention after finance ministers of the United States, Japan and South Korea agreed Wednesday to consult closely on foreign exchange market developments. The Yen fetched 154.12 per greenback compared with 154.61 in Tokyo at 5pm on Wednesday.
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