Japan share market finished session higher on Thursday, 03 March 2022, tracking overnight rallies on Wall Street, as uncertainty over the course of monetary tightening by the U. S. Federal Reserve softened after statements by Fed Chairman Jerome Powell.
Market participants were also monitoring developments regarding a second round of cease-fire talks between Russia and Ukraine, which could take place Thursday.
At closing bell, the 225-issue Nikkei Stock Average advanced 184.24 points, or 0.7%, to 26,577.27.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 21.86 points, or 1.18%, to 1,881.80.
Total 32 of 33 TSE issues advanced, with top performing sectors were Marine Transportation (up 5.3%), Oil & Coal Products (up 3.8%), Banks (up 3.4%), Insurance (up 3%), Nonferrous Metals (up 2.9%), and Mining (up 2.7%).
Investors tried to figure out the future path of U. S. interest rates after Federal Reserve Chair Jerome Powell said in testimony before Congress that he is inclined to support a 25 basis point rate increase at the upcoming Fed meeting, instead of the 50 basis point hike recommended by some board members.
Shares of energy-related issues drew buying on expectations crude oil prices will continue to rise after the Organization of the Petroleum Exporting Countries and its allies said Wednesday they will not change the group's production targets for April. Idemitsu Kosan was up 6.2% and Cosmo Energy Holdings gained 5.2%.
Heavyweight Fast Retailing dropped 1.2% after the operator of the Uniqlo casual clothing chain reported a decrease in its domestic sales in February.
CURRENCY NEWS: The Japanese yen depreciated to upper 115 range against greenback. The Japanese yen traded at 115.72-74 per dollar, softer than 115.15-16 on Wednesday.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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