August 22, 2024 at 02:15 am EDT
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(MT Newswires) -- Japanese shares finished higher on Thursday, recovering from a brief selloff the previous session as investors awaited Bank of Japan Governor Kazuo Ueda's testimony on Friday regarding the central bank's rate hike and hawkish stance, which caused a global market rout and a record Nikkei 225 plunge.
The Nikkei 225 rose 0.68%, or 259.21 points, to end at 38,211.01, on Thursday.
Ueda's testimony will include sessions in both the lower and upper houses, each lasting two and a half hours.
Since the BOJ's hawkish stance, global markets have steadied, with the S&P 500 approaching its July high and the Nikkei rebounding approximately 20% from its lows.
Ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole, Ueda is expected to offer reassurances without major policy shifts, Bloomberg reported.
Meanwhile, Japan's business activity hit its fastest growth since May 2023, with the au Jibun Bank Flash Japan Composite PMI rising to 53.
The Services Index climbed to 54, driven by strong new business, while the Manufacturing Output Index rose to 50.9, showing a cautious recovery.
S&P's Jingyi Pan noted that services growth bolstered overall expansion, but manufacturing faces weak demand and cost pressures.
In corporate news, Japan Communications (TYO:9424) reported a 68.8% drop in attributable profit to 186 million yen for Q1, with earnings per share falling to 1.12 yen. Net revenue increased 21.3% to 2.08 billion yen.
Anicom Holdings (TYO:8715) reported net premiums of 4.71 billion yen in July, up from 4.37 billion yen last year, and received 18,268 applications for gut microbiota testing, up from 16,835.
SB Technology (TYO:4726) saw a 31.1% drop in profit to 348 million yen for Q1, with earnings per share at 17.31 yen. Net sales fell 2.1% to 15.62 billion yen.

Sumber : MT Newswires