November 11, 2024 at 01:46 am EST
(MT Newswires) -- Japanese shares closed flat on Monday as China's 10 trillion yuan debt relief plan to ease local government financing left some investors disappointed, lacking the direct stimulus many had hoped for.
The Nikkei 225 edged up 0.02%, or 32.95 points, to close at 39,509.16.
The market digested China's announcement of a debt package aimed at stabilizing growth and addressing local government financing issues.
However, the absence of a direct cash injection left investors underwhelmed, with the plan focused on GDP targets and risk management rather than substantial economic reflation.
In economic news, Japan's current account surplus shrank by 41.9% to 1.717 trillion yen in September from 2.954 trillion yen a year earlier, missing estimates of 3.263 trillion yen, according to data from the Ministry of Finance.
Exports fell 4.5% year-on-year, while imports climbed to 9.014 trillion yen.
The Bank of Japan reported that outstanding loans in the country rose 2.7% in October to 625.2 trillion yen, driven by a 3% increase in loans at major and regional banks.
In its October policy meeting summary, the BOJ maintained its expectation that inflation will align with its 2% target over time, underpinned by rising wage demands, particularly from small businesses.
However, it cautioned about risks from high US interest rates and stressed that sustained wage growth is crucial to keeping inflation stable.
On the corporate front, Sumitomo Realty & Development (TYO:8830) posted a 3.3% rise in profit attributable to owners for the fiscal first half, reaching 109.5 billion yen, driven by stronger revenue, which increased 6.8% to 539.6 billion yen.
RareJob (TYO:6096) said its major shareholder, Mitsui & Co. (TYO:8031), will transfer 1.83 million shares (19.23% voting rights) to Gakken Holdings as part of a business alliance, with the transfer scheduled for Nov. 13.
Kanto Denka Kogyo (TYO:4047) will pay 300 million yen to the Maebashi City Waterworks Bureau by March 2025 to help fund a water facility renewal project, following the detection of tetrachloroethylene from its carbide slag in a local water source.

Sumber : MT Newswires