Headline indices of the Japan share market inclined on Wednesday, 1 August 2018, tracking the strong U. S. stocks overnight as well as the weaker yen against the U. S. dollar. Investors were also cheered by positive earnings from major firms as they digested the Bank of Japan's minor changes to its ultra-loose monetary policy. Among TSE33 issues, 22 issues inclined, while 11 issues declined, with shares of Iron & Steel, Nonferrous Metals, Banks, Insurance, Pulp & Paper, and Mining issues being notable gainers, while Air Transportation, Warehousing & Harbor Transportation Services, Metal Products, Construction, and Real Estate issues were notable losers. Around late afternoon, the benchmark Nikkei 225 index rose 0.66%, or 149.66 points, to 22,703.38.
Several Japanese firms reported strong profits after Tuesday's closing bell, attracting buyers on Wednesday. Among earning related stocks, Sony Corp soared after it raised its full-year profit and sales forecasts on Tuesday thanks to a surge in the sales of game software. Nintendo surged after the game giant said Tuesday its quarterly net profit jumped 43.9%, driven by the global popularity of its Switch console and game titles. Sharp Corp gained after its first quarter operating profit soared 45% on the back of its core display business and strong sales of camera modules and sensors. Honda Corp jumped after reporting a 17.8% gain in its quarterly net profit and revising upward its full-year forecast. But Panasonic plunged after the firm said it managed to secure a profit gain by selling its real-estate. Semiconductor maker Renesas Electronics slumped as company posted a rise in operating profit for the six months through June but forecast a decline for the year through December.
Apple-linked shares advanced after the iPhone maker posted better than expected quarterly results. Electronic component maker Kyocera Corp and display manufacturer Nitto Denko Corp added as much as 6%.
CURRENCY NEWS: The Japanese yen was little softened against U. S. dollar on Wednesday after the BOJ tweaked monetary policy on Tuesday but pledged to keep rates low for an extended period. The dollar fetched 111.75 yen in Asian trade, against 111.81 yen in New York late Tuesday.
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