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Japanese stocks gain as BOJ retains easy policy stance

07/21/2022 | 03:16am EDT

TOKYO, July 21 (Reuters) - Japanese stocks closed higher Thursday after the Bank of Japan (BOJ) retained its easy monetary policy stance, a move largely expected by investors, with sentiment boosted further by an upbeat finish on Wall Street overnight.

The Nikkei share average ended up 0.44% at 27,803, topping the six-week high reached the previous day. The broader Topix added 0.21% to 1,950.59.

The gains came as the BOJ maintained ultra-low interest rates, compared with a slew of global central banks tightening policies, but it projected inflation this year to be at 2.3%, higher than its 2% target.

"The stock market appears to believe that this level won't have a big influence on government policy," said a market participant at a domestic asset management firm.

Of the 225 Nikkei constituents, 137 gained, 78 fell, and 10 were flat.

Pharmaceuticals company Shionogi & Co Ltd was the biggest decliner, dropping 6.84% on a delay in approval for a drug to treat COVID-19.

Steel companies also fell after the United States voted to extend duties on steel from Japan, China, India, South Korea, and the UK for five more years, while revoking the same duties for Brazil.

Kobe Steel Ltd lost 3.31%, while Nippon Steel Corp fell 3.02%. Pacific Metals Co Ltd, which primarily manufactures and sells nickel, was up 1.49%.

Technology companies were among the best performers. Nikon Corp was the top gainer, rising 3%.

TDK Corp gained 2.3%, Fujitsu Ltd added 2.12%, and NTT Data Corp was up 2.11%. (Reporting by Sam Byford and Tokyo markets team; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.00% 94.035 Delayed Quote.11.42%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.09% 161.48 Delayed Quote.-0.34%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.06% 105.71 Delayed Quote.15.76%
EURO / BRAZILIAN REAL (EUR/BRL) -0.10% 5.3057 Delayed Quote.-18.62%
EURO / JAPANESE YEN (EUR/JPY) 0.06% 142.092 Delayed Quote.6.11%
FUJITSU LIMITED 1.01% 15965 Delayed Quote.-20.88%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) 0.10% 1.77642 Delayed Quote.14.66%
KOBE STEEL, LTD. -1.50% 592 Delayed Quote.6.07%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -0.10% 82.878 Delayed Quote.3.49%
NIKKEI 225 0.95% 26422.05 Real-time Quote.-9.09%
NIKON CORPORATION -0.64% 1382 Delayed Quote.11.37%
NIPPON STEEL CORPORATION -1.42% 2014.5 Delayed Quote.12.86%
NTT DATA CORPORATION 0.16% 1878 Delayed Quote.-24.61%
PACIFIC METALS CO LTD., 1.21% 2184 Delayed Quote.-0.56%
SHIONOGI & CO., LTD. -0.66% 7025 Delayed Quote.-17.23%
TDK CORPORATION -1.65% 4465 Delayed Quote.2.56%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.15% 144.701 Delayed Quote.25.76%
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