August 28, 2024 at 02:20 am EDT
(MT Newswires) -- Japanese equities rose on Wednesday after Bank of Japan (BOJ) Deputy Governor Ryozo Himino underscored the central bank's readiness to raise interest rates should economic and inflation targets be met.
The Nikkei 225 climbed 0.22%, or 83.14 points, closing at 38,371.76.
Himino cautioned about persistent market instability and emphasized the need for vigilant oversight. The BOJ will consider policy adjustments if confidence in economic forecasts strengthens, aiming for a 2% inflation target while maintaining engagement with market participants.
The recent yen appreciation may alleviate import costs for smaller firms but could negatively impact exporters' profit margins. The BOJ plans to refine its neutral interest rate estimates, with current figures potentially lacking immediate policy implications.
For fiscal years 2025 and 2026, the BOJ anticipates balanced inflation and slightly above-trend growth.
On the economic front, Japan's coincident index fell to 113.2 in June from 117.1 in May, while the leading index decreased to 109 from 111.1, with the latter hitting its lowest level of the year, matching November 2023's reading.
In corporate news, Mirai's (TYO:3476) Smile Hotels reported an average occupancy rate of 80%, an ADR of 7,857 yen, and a RevPAR of 6,274 yen.
Tenma (TYO:7958) saw its attributable profit plummet 58% to 451 million yen for the June quarter, with basic EPS dropping to 21.69 yen from 49.53 yen, and net sales declining 6.1% to 23.53 billion yen.
MS&AD Insurance (TYO:8725) divested 84.3 million Toyota shares, realizing a pre-tax gain of 207 billion yen, reducing their stake to 1.6% from 2.22%.
Sumber : MT Newswires
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