Japan's Nikkei ends higher in choppy trade

Resona Holdings

04/12/2024 07:31

(Updates for market close)
    By Brigid Riley
       TOKYO, Dec 4 (Reuters) - Japan's Nikkei share average
eked out gains to rise for a third straight day on Wednesday, as
a softer yen and buying of retail-related shares helped narrow
morning losses on profit-taking.
    The Nikkei  .N225  rebounded after declining in early trade
to close 0.1% higher at 39,276.39.
    The broader Topix  .TOPX  was down 0.5% at 2,740.6.
    Retail-related shares outperformed in afternoon trade to
boost the Nikkei.
    Uniqlo parent firm Fast Retailing  9983.T  climbed 2.4%. The
company on Monday said that Uniqlo's domestic same-store sales
in November increased 12.2% compared with last November.
    Ryohin Keikaku  7453.T  jumped 7.1% after the Muji retail
stores operator reported a rise in domestic and online store
sales last month compared to a year ago.
    Home interior goods maker Nitori Holdings  9843.T  advanced
3.6%.
    Gaming firms Konami Group  9766.T  and Nintendo  7974.T 
jumped 2.2% and 2.7%, respectively.
    Entertainment conglomerate Sony Group  6758.T , up 3.3%, was
among exporters to receive a boost as the yen slid against the
U.S. dollar on expectations that the Bank of Japan (BOJ) will
hike interest rates this month.  FRX/ 
    Japan's major technology shares slipped as investors secured
profit after Tuesday's large gains, but managed to recover some
losses.
    AI-focused startup investor SoftBank Group  9984.T  shed
1.7% and chip-making equipment giant Tokyo Electron  8035.T  was
mostly flat, up 0.02%. Peer Advantest  6857.T  gained 0.7%.
    With monetary policy meetings in both the U.S. and Japan
coming up this month, economic news was in focus, said Kenji
Abe, chief strategist at Daiwa Securities.
    The U.S. jobs report is expected on Friday, while the U.S.
CPI and the Bank of Japan's "tankan" survey are due later this
month.
    "I think investors are paying a lot of attention to those,"
said Abe.
    Focus is also on Federal Reserve Chair Jerome Powell's
speech later in the day for cues into U.S. rate cut path.
    Banks faltered, with Resona Holdings  8308.T  ending 4.3%
lower to be the top percentage loser.

 (Reporting by Brigid Riley; Editing by Eileen Soreng and Sumana
Nandy)
 ((brigid.riley@thomsonreuters.com;))