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Japan's Nikkei tracks Wall Street higher as Treasury yields fall

09/28/2022 | 11:32pm EST

TOKYO, Sept 29 (Reuters) - Japan's Nikkei share average rose on Thursday, rebounding from a near three-month low touched in the previous session, tracking Wall Street's sharp gains overnight that was driven by falling Treasury yields.

The Nikkei gained 0.25% to 26,238.32, by the midday break, after rising about 1% earlier, recovering from a July 1 low of 25,936.36 hit on Wednesday. The broader Topix inched down 0.08% to 1,853.63. "The main driver for the Nikkei's gain was an advance of Wall Street overnight, which was fuelled by the Bank of England's action," said Chihiro Ohta, assistant general manager at the investment research and investor services at SMBC Nikko Securities

Wall Street ended sharply higher overnight following its recent sell-off, after Treasuries yields fell, as the Bank of England stepped into the bond market in an attempt to dampen investor fears of contagion across the financial system.

In Japan, Uniqlo clothing shop owner Fast Retailing rose 1.63%, becoming the biggest boost to the Nikkei, followed by technology investor SoftBank Group, rising 1.17%.

Drug makers were the top gainer among the Tokyo Stock Exchange's industry sub-indexes, rising 2.53%.

Eisai shares were set to hit their daily limit for a two straight sessions, after the surprise trial success of an experimental Alzheimer's drug developed by the Japanese drug maker and a partner Biogen.

Shionogi & Co jumped 4.97%, while Chugai Pharmaceutical gained 3.3% and Daiichi Sankyo rose 2.23%.

Online shipping platform Rakuten Group climbing 5.76% and was the top gainer on the Nikkei, followed by motorcycle maker Yamaha Corp, rising 5.22. (Reporting y Junko Fujita; Editing by Rashmi Aich)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BIOGEN INC. -4.34% 291.9 Delayed Quote.21.67%
CHUGAI PHARMACEUTICAL CO., LTD 0.00% 3655 Delayed Quote.-2.78%
DAIICHI SANKYO CO., LTD. -0.48% 4543 Delayed Quote.57.03%
EISAI CO., LTD. -7.34% 8877 Delayed Quote.44.97%
FAST RETAILING CO., LTD. 1.81% 81520 Delayed Quote.22.32%
NIKKEI 225 -0.42% 28162.83 Real-time Quote.-1.77%
RAKUTEN GROUP, INC. 0.30% 672 Delayed Quote.-42.72%
SHIONOGI & CO., LTD. -0.27% 6996 Delayed Quote.-12.26%
SOFTBANK GROUP CORP. -1.44% 5956 Delayed Quote.11.87%
TOPIX INDEX -0.59% 1992.55 Delayed Quote.1.29%
YAMAHA CORPORATION 1.50% 5430 Delayed Quote.-6.17%
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