August 30, 2024 at 02:16 am EDT
(MT Newswires) -- Japanese shares closed the week higher as Tokyo's core inflation continued to climb in August, exceeding the Bank of Japan's 2% target and bolstering expectations for future rate hikes.
The Nikkei 225 gained 0.74%, or 285.22 points, finishing at 38,647.75.
Tokyo's core CPI, excluding fresh food, rose 2.4% year-on-year in August, up from 2.2% in July. The broader index, excluding both fresh food and fuel, increased by 1.6%, compared to 1.5% in the previous month.
July's preliminary industrial production figures showed a 2.8% month-on-month rebound, recovering from a 4.2% decline in June. On a year-on-year basis, production grew by 2.7%, reversing a 7.3% drop from the previous year.
However, Japan's unemployment rate climbed to 2.7% in July from 2.5% in June. Employment fell slightly to 67.66 million, while unemployment rose to 1.87 million.
In corporate news, Alps Alpine (TYO:6770) will sell its power inductor business to Delta Electronics (Japan) for nearly $71 million, aiming to improve corporate value and achieve a price-to-book ratio of 1 or more by FY2027.
Towa (TYO:6315) updated its dividend forecast for fiscal 2025, maintaining the total dividend per share at the pre-split value of 60 yen, now adjusted to 20 yen post-split.
Nakabayashi (TYO:7987) reported a fiscal Q1 attributable profit of 151 million yen, recovering from a loss of 57 million yen a year earlier. Basic EPS stood at 5.51 yen, compared to a loss of 2.08 yen per share last year.
Sumber : MT Newswires
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