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Japan stocks inch up, weak yen helps offset Fed disappointment

Published 01/08/2019, 03:00
© Reuters. Japan stocks inch up, weak yen helps offset Fed disappointment
USD/JPY
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JP225
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TOPX
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8604
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4452
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4502
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7267
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7751
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7974
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7203
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By Shinichi Saoshiro
TOKYO, Aug 1 (Reuters) - Japan's Nikkei share average
recouped early losses and inched up on Thursday, supported by a
weaker yen which helped offset disappointment that the U.S.
Federal Reserve is not embarking on a lengthy easing cycle.
The Fed on Wednesday lowered rates for the first time since
2008, as widely expected, but Chairman Jerome Powell said the
move was not the start of a long series of rate cuts, sending
U.S. share markets lower. The Nikkei .N225 was up 0.07% at 21,536.54 points as of
0151GMT.
The index initially fell as much as 1% but clawed back
ground as the yen JPY= slid to a two-month low against the
dollar after the Fed proved to be less dovish than anticipated.
Shares of exporters, which benefit from a weaker yen,
advanced. Toyota Motor Corp 7203.T rose 1.3%, Honda Motor Co
7267.T edged up 0.9%, Canon Inc 7751.T added 1% and Nintendo
7974.T advanced 3.8%.
Nomura Holdings 8604.T soared 8.5% the investment bank
said its first-quarter profit soared more than ten-fold after
restructuring its portfolio. Another blue chip which made big gains was Takeda
Pharmaceutical 4502.T , which gained 5.8% after its sales in
the April-June quarter increased 88.8%. Kao Corporation 4452.T , on the other hand, fell 3.5% after
the cosmetic product maker saw its January-June net profit
decline 8.8%. The broader Topix .TOPX rose 0.15% to 1,567.45.

(Editing by Kim Coghill)

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