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Japanese stocks post modest gains ahead of BOJ policy meet

07/19/2022 | 02:39am EDT

TOKYO, July 19 (Reuters) - Japanese stocks extended gains on Tuesday, though performances were modest with investors reluctant to make big moves ahead of this week's Bank of Japan policy meeting, despite lowered estimates for aggressive tightening by the U.S. Federal Reserve.

The Nikkei share average started trade 0.8% higher to break through the psychological barrier of 27,000 before finishing at 26,961.68 as markets closed up 0.65% for the day.

The broader Topix gained 0.54%.

"The level 27,000 seems to have become the key barrier," said a market participant at a domestic securities firm. "We'd like to see new market factors to help decisively break through it."

Of the Nikkei's 225 components, 171 made gains, 52 made losses, and two traded flat.

European stock index futures were down ahead of markets opening, with FTSE 100 futures dropping 0.38% and Euro STOXX 50 dipping 0.60%.

Shares of Japanese heavy industries were some of the strong performers, buoyed by a report over the weekend that Prime Minister Fumio Kishida's government won't set a ceiling on defence spending in the next annual budget.

Kawasaki Heavy Industries Ltd rose 5.22%, and Mitsubishi Heavy Industries Ltd was up 2.5%.

Even as shares of Apple Inc made losses overnight following a Bloomberg report that the company planned to slow hiring over the next year, Japanese suppliers didn't appear to be broadly affected.

Sony Group Corp, Apple's primary image sensor supplier, gained 2.32%. Components makers Murata Manufacturing Co Ltd and Taiyo Yuden Co Ltd were up 0.24% and 1.1%, respectively.

Utilities companies weighed in the Nikkei, with the sector down 1.36% overall.

Kansai Electric Power Co Inc lost 2.78%, and Tokyo Electric Power Co Holdings Inc was down 2.38%.

Video game maker Nintendo fell 2.50% to wipe out gains made on Friday, when its share price jumped 2.33% on the news that it was buying an animation studio.

(Reporting by Sam Byford and Tokyo markets team; Editing by Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 2.37% 145.765 Delayed Quote.-22.17%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.36% 93.625 Delayed Quote.11.24%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.79% 165.157 Delayed Quote.3.53%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.49% 106.56 Delayed Quote.15.35%
EURO / JAPANESE YEN (EUR/JPY) 1.21% 143.845 Delayed Quote.8.37%
FTSE 100 2.57% 7086.46 Delayed Quote.-6.44%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) -0.28% 1.769223 Delayed Quote.14.82%
KAWASAKI HEAVY INDUSTRIES, LTD. 2.95% 2307 Delayed Quote.7.84%
MITSUBISHI HEAVY INDUSTRIES, LTD. 3.53% 5017 Delayed Quote.82.25%
MURATA MANUFACTURING CO., LTD 2.25% 6943 Delayed Quote.-25.85%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -0.11% 82.559 Delayed Quote.3.36%
NIKKEI 225 2.96% 26992.21 Real-time Quote.-8.95%
NINTENDO CO., LTD. 3.95% 6050 Delayed Quote.8.48%
SONY GROUP CORPORATION 2.52% 9749 Delayed Quote.-34.31%
TAIYO HOLDINGS CO., LTD. 2.05% 2492 Delayed Quote.-29.83%
TAIYO YUDEN CO LTD 0.91% 3865 Delayed Quote.-42.15%
THE KANSAI ELECTRIC POWER CO., INC. 2.53% 1177 Delayed Quote.6.89%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INC. 5.58% 473 Delayed Quote.50.84%
TOPIX INDEX 3.21% 1906.89 Delayed Quote.-7.27%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.36% 143.993 Delayed Quote.25.84%
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