September 12, 2024 at 02:23 am EDT
(MT Newswires) -- Japanese equities halted a seven-day losing streak as Bank of Japan (BOJ) policymaker Naoki Tamura called for a rate hike of at least 1% by late next year, signaling continued monetary tightening.
The Nikkei 225 edged up 3.41%, or 1,213.5 points, to 36,833.27.
Tamura's comments marked the first time a BOJ official has publicly set a target for short-term borrowing costs.
He said the central bank should raise the interest rate to the neutral level of around 1% by late 2025 to meet the BOJ's 2% inflation goal.
In currency trading, the yen appreciated 1.2% to 140.71 per dollar, its highest since Dec. 28.
Economic data showed Japanese manufacturers' confidence fell to a seven-month low in September, driven by weak Chinese demand, according to a Reuters poll. Non-manufacturers also saw sentiment drop for a third month, hitting a one-year low post-July's rate hike.
Japan's producer price index (PPI) increased by 2.5% year-on-year in August, down from 3% in July. Prices for non-ferrous metals, textiles, and production machinery rose, while petroleum, coal, and iron and steel prices fell.
The business survey index (BSI) for large Japanese manufacturers rose 4.5% in the third quarter, recovering from a 1% decline in the previous quarter and exceeding the 1.2% forecast.
In corporate news, Nippon Steel's $15 billion bid for US Steel is facing strong opposition from President Joe Biden and Vice President Kamala Harris due to national security concerns. Vice-Chair Takahiro Mori is set to meet US officials in Washington.
The deal has also attracted criticism from former president Donald Trump, complicating US-Japan relations.
Nareru reported a 20.9% increase in attributable profit to 1.49 billion yen for the nine months ending July 31. Earnings per share rose to 170.73 yen, and net sales climbed 21% to 15.8 billion yen.
Sumber : MT Newswires
powered by: IPOTNEWS.COM
