Japanese shares gain on upbeat earnings, benign Fed
29/07/2021 04:35
TOKYO, July 29 (Reuters) - Japanese shares edged up on
Thursday as Nissan Motor and some semiconductor-related firms
reported surprisingly strong earnings, while the U.S. Federal
Reserve indicated it was in no hurry to withdraw monetary policy
support.
Nikkei share average .N225 gained 0.36% to 27,677.24 while
the broader Topix .TOPX added 0.17% to 1,922.91, bouncing back
from Wednesday's fall.
Fed Chair Jerome Powell said the U.S. job market still had
"some ground to cover" before it would be time to pull back from
its economic support, underpinning the market. urn:newsml:reuters.com:*:nL1N2P30V1
"Powell's press conference was well balanced and left the
Fed with the flexibility to act according to economic data,
fiscal stimulus and virus developments," said John Vail, chief
global strategist at Nikko Asset Management in Tokyo.
"Financial markets did not react very much to the result,
and the yen remained relatively stable, which is helpful to
Japan's economy and financial markets."
Positive earnings outweighed concerns about the worsening
pandemic, after daily coronavirus cases hit a record high in
Japan and its capital city. urn:newsml:reuters.com:*:nL1N2P405J
Nissan Motor 7201.T gained 7% after the carmaker reported
a surprise first-quarter operating profit and raised its
outlook, forecasting a return to net profit after two
consecutive years of losses. urn:newsml:reuters.com:*:nL1N2P40HW
Advantest 6857.T jumped 6.0% as the manufacturer of test
machines for chip-making announced bumper earnings and a share
buyback. urn:newsml:reuters.com:*:nXB0JFUJCZ
Screen Holdings 7735.T added 3.8% after the manufacturer
of chip-making machines forecast annual profit slightly above
expectations, citing strong demand.
However, electronic parts maker TDK 6762.T fell 4.1% after
its quarterly results fell short of market expectations.
urn:newsml:reuters.com:*:nXB1W08VO8
Cyberagent Inc 4785.T tumbled 6.9% as investors took
profits following the mobile videogame firm's strong quarterly
results, boosted by sales of a popular game it launched in
February. urn:newsml:reuters.com:*:nXB0DKQP3E
Outside earnings, Sony 6758.T rose 2.8% after the company
said its PlayStation 5 gaming console outstripped sales of its
predecessor since launching last November. urn:newsml:reuters.com:*:nL1N2P404U
(Reporting by Hideyuki Sano; Editing by Ramakrishnan M.)
((hideyuki.sano@thomsonreuters.com; +81 3 4520 1195;))