November 06, 2024 at 01:40 am EST
(MT Newswires) -- Japanese shares rose Wednesday as investors bet on a potential US presidential victory for Republican Donald Trump, although the race's outcome remained uncertain.
The Nikkei 225 gained 2.58%, or 993.96 points, closing at 39,468.86.
Trump led early over Kamala Harris as Republican states reported, but key battlegrounds remained too close to call. Trump's policies could drive higher inflation, bond yields, and the dollar while limiting rate cuts.
On the economic front, the Bank of Japan (BOJ) held its policy steady in September, keeping the overnight call rate at 0.25% amid uncertainty over US economic trends and global market volatility.
While some board members backed gradual tightening, the BOJ emphasized patience in assessing the impact of previous rate hikes.
Confidence in Japan's manufacturing and services sectors declined in November, with both sectors citing concerns over China's slowdown, inflation, and volatile foreign exchange markets.
The service sector's confidence dropped for the fifth consecutive month, hitting its lowest level since February 2023.
The au Jibun Bank Japan Services PMI revealed a drop in business activity for October, with the index slipping to 49.7 from 53.1, marking the first contraction since June.
In corporate news, Makita (TYO:6586) posted an 83.5% surge in profit attributable to owners of the parent, reaching 38.2 billion yen for the fiscal first half to Sept. 30, up from 20.8 billion yen a year earlier.
Basic EPS climbed to 141.99 yen from 77.11 yen, although revenue dipped 5.5% to 369.7 billion yen.
Yamato (TYO:9064) is set to acquire 87.7% of Nakano Shokai to make it a subsidiary, as part of its strategy to grow its express, logistics, and global businesses.
East Japan Railway Company (TYO:9020) approved a simplified absorption-type company split, transferring its real estate business to JR East Real Estate, effective Jan. 1, 2025, to drive growth and support its expansion efforts.

Sumber : MT Newswires