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Japan's Nikkei ends week on a high in hawkish climate

09/09/2022 | 02:30am EST

Sept 9 (Reuters) - Japanese stocks gained on Friday, building on a rally from the previous day, even as investors digested hawkish remarks from policymakers that firmly established views of aggressive rate hikes to tame inflation.

Japan's Nikkei share average closed 0.53% higher at 28,214.75. The benchmark index started trading 0.5% up and stayed above the psychological barrier of 28,000 throughout the day.

The Nikkei gained 2.04% in total this week, mostly because of a 2.315% rally on Thursday. The index was flat the first two days of the week and lost 0.71% on Wednesday.

The broader Topix index rose 0.40% to close the week 1.83% higher.

"U.S. stock futures have been solid after hours, and there hasn't been any collapse," a market participant at a domestic securities firm said, despite the previous day's rally pointing to possible position adjustments ahead of the weekend.

Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank was "strongly committed" to controlling inflation, while the European Central Bank also signalled further hikes to fight inflation.

Of the Nikkei's 225 constituents, 176 posted gains, 46 dropped, and three traded flat on Friday.

Every sector on the Nikkei rose overall. Healthcare was one of the best performing sectors, tracking a strong showing on Wall Street overnight.

Online healthcare company M3 Inc gained 2.74% and was the second biggest contributor to the Nikkei behind semiconductor company Tokyo Electron. Pharmaceuticals company Shionogi & Co Ltd rose 2.78% and Chugai Pharmaceutical Co Ltd was up 1.72%.

Air conditioner manufacturer Daikin Industries Ltd was the biggest laggard on the Nikkei with a 0.9% drop.

Passenger transportation companies were among the worst performers. East Japan Railway Co made the biggest individual loss at 1.18%, while Central Japan Railway Co and airline ANA Holdings Inc were close behind, both falling 0.98%. (Reporting by Sam Byford and Tokyo markets team; Editing by Krishna Chandra Eluri)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 0.63% 2888 Delayed Quote.19.36%
CENTRAL JAPAN RAILWAY COMPANY -0.31% 16055 Delayed Quote.4.95%
CHUGAI PHARMACEUTICAL CO., LTD 1.12% 3610 Delayed Quote.-4.42%
DAIKIN INDUSTRIES, LTD. -0.09% 22380 Delayed Quote.-14.14%
EAST JAPAN RAILWAY COMPANY -0.69% 7653 Delayed Quote.8.95%
M3, INC. 1.39% 4242 Delayed Quote.-27.77%
NIKKEI 225 0.15% 27820.4 Real-time Quote.-3.52%
SHIONOGI & CO., LTD. 0.82% 6902 Delayed Quote.-15.74%
TOKYO ELECTRON LTD. -1.37% 46100 Delayed Quote.-29.48%
TOPIX INDEX -0.31% 1947.9 Delayed Quote.-1.92%
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