Japan's Nikkei rebounds, yen stable

Mitsui Fudosan Co

29/03/2024 03:21

TOKYO, March 29 (Reuters) - Japan's Nikkei share average
rose on Friday, rebounding from sharp losses in the previous
session, as market players cheered a weaker yen as the currency
steadied after hitting a three decade-low.     
    The Nikkei  .N225  had risen 0.74% to 40,466.82 by the
midday break and is set to post a 1% loss this week. 
    The broader Topix  .TOPX  had risen 0.81% to 2,773.14 and is
poised to lose 1.4% for the week. 
    "The market rebounded from yesterday's loss which was driven
by some technical issues," Fumio Matsumoto, chief strategist at
Okasan Securities said.
    "Investors remain cautious over a possible intervention in
the currency market but overall they take the weak yen as a
positive factor for domestic stocks."
    The Nikkei ended down 1.46% on Thursday, as numerous stocks
were discounted for dividend rights before the fiscal year end.
 .N225 
    The markets were also cautious over a potential currency
intervention to shore up the yen after the currency  JPY=EBS 
fell to a 34-year low against the dollar this week.
    The yen  JPY=  was last traded at 151.34, gaining 0.03%
against the dollar.  
    Uniqlo-brand owner Fast Retailing  9983.T  rose 0.92%.
Chip-related Tokyo Electron  8035.T  and Advantest  6857.T  rose
0.82% and 0.97%, respectively. 
    The property sector  .IRLTY.T  jumped 3.12% to become the
top performer among the Tokyo Stock Exchange's 33 industry
indexes. 
    Mitsui Fudosan  8801.T , Tokyo Tatemono  8804.T  and
Sumitomo Realty & Development  8830.T  were among the top five
performers on the Nikkei, rising around 4% each.  
    The sector has gained nearly 18% so far this month, the most
among others sectors, underpinned by a government survey
released this week showing the country's land prices rose at the
fastest pace in 33 years in 2023.
    Optimism that the Bank of Japan will not raise interest
rates rapidly supports their stock prices, Okasan Securities
Matsumoto said. 
    
    
    


 (Reporting by Junko Fujita; Editing by Mrigank Dhaniwala)
 ((junko.fujita@thomsonreuters.com;))