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Japanese stocks edge higher to fresh seven-month high, dollar lower vs yen

Japanese stocks edge higher to fresh seven-month high, dollar lower vs yen

Japanese stocks rose slightly Thursday to a fresh seven-month high, led by steels and brokerage stocks. The dollar was lower against the yen.
The benchmark Nikkei 225 stock index edged up 1.66 points, or 0.01 percent, to finish at 17,224.81 points on the Tokyo Stock Exchange _ its highest close since May 8.
The broader Topix index, which includes all shares on the exchange's first section, inched up 1.96 points, or 0.12 percent, to 1,678.91 points.
"The market will likely stay around here at the beginning of the new year," said Yuji Nakagawa, head of the derivative dealing division at Toyo Securities.
In Thursday's session, most steel stocks advanced on continued expectations for their solid earnings and hopes for realignment in the industry.
Nippon Steel Corp. jumped 5.29 percent to 677 yen (US$5.69) and Kobe Steel Ltd. posted a 3.01 percent gain to 411 yen (US$3.45). But Inpex Holdings Inc. slipped 0.20 percent to 983,000 yen (US$8,260.50) amid caution about chasing upside following one-month rally in market, traders said.
Other gainers included brokerage stocks, with Daiwa Securities Group Inc. rising 0.75 percent to 1,339 yen (US$11.25).
Japanese stocks opened higher after another record close for the Dow Jones industrial average on Wall Street overnight. The Dow rose 102.94, or 0.83 percent, to 12,510.57.
But the Nikkei fell in late morning trade on some profit-taking in shipping issues before moving into positive territory in afternoon trading. Traders expected selling pressure to ease as players were not aggressive in their trading on last full day of trading for this year.
First-section volume rose to 1.768 billion shares, from Wednesday's 1.664 billion shares. Despite the Nikkei's advance, decliners beat advancers 811 to 754, with 146 issues unchanged.
In currencies, the U.S. dollar was trading at 118.71 yen on the Tokyo foreign exchange market at 3 p.m. (0600 GMT) Thursday, down from 118.74 yen late Wednesday in New York. The euro rose to US$1.3127, from US$1.3123.
The yield on the 10-year Japanese government bond was 1.6600 percent, up from Wednesday's finish of 1.6350 percent. Its price fell to 100.34, from 100.55.
Japanese financial markets will open for a half-day session on Friday, the year's last trading day.


Updated : 2021-06-23 07:02 GMT+08:00