October 03, 2024 at 02:08 am EDT
(MT Newswires) -- Japanese shares rallied on Thursday as the newly elected Prime Minister Shigeru Ishiba signaled that the country is not ready for further interest rate hikes after discussions with central bank governor Kazuo Ueda.
The Nikkei 225 rose 1.97%, or 743.30 points, to close at 38,552.06.
Ishiba said he does not believe further interest rate hikes are necessary, marking a clear opposition to additional increases.
Since he was appointed prime minister on Tuesday, Ishiba has been perceived as supportive of the Bank of Japan's policy normalization, having suggested in August that gradual rate increases could enhance Japan's profitability.
In economic updates, Japan's service sector maintained steady growth in September, with modest new business inflows, according to S&P Global.
The au Jibun Bank Japan Services Business Activity Index dipped to 53.1 from 53.7 in August, indicating a slowdown in expansion. This growth led to a second increase in outstanding business in three months, reflecting rising capacity strain.
On the corporate front, Healios (TYO:4593) plans to seek conditional approval in Japan for MultiStem to treat acute respiratory distress syndrome, following successful Phase 2 trials that eliminate the need for a Phase 3 trial.
Mitsui Chemicals (TYO:4183) resumed operations at its Osaka Petrochemical ethylene plant on September 30 after a three-month delay caused by a steam supply issue.
Pickles Holdings (TYO:2935) reported a 12.8% drop in profit to 798 million yen for the six months ended August 31, down from 915 million yen, primarily due to lower sales. Earnings per share fell to 62.32 yen from 71.69 yen.

Sumber : MT Newswires