November 22, 2024 at 01:45 am EST
(MT Newswires) -- Japanese shares closed higher on Friday, buoyed by October core inflation data that exceeded the Bank of Japan's 2% target, fuelling expectations of a potential rate hike.
The Nikkei 225 added 0.68%, or 257.68 points, to finish at 38,283.85.
Core consumer prices in Japan rose 2.3% year-on-year in October, largely driven by a base effect from last year's fuel subsidy cuts. A separate measure, excluding volatile food and fuel, also climbed 2.3%, up from 2.1% in September.
Services inflation increased to 1.5% from 1.3%, suggesting higher wages are prompting firms to raise prices.
Factory activity continued to slump, with Japan's Flash Manufacturing PMI falling to 49 in November, marking its fifth straight month of contraction. Output, new orders, and employment all dropped, while input cost inflation eased.
Output prices, however, rose due to rising raw material costs and a weaker yen. In contrast, services activity saw modest growth, with the Flash Services PMI increasing to 50.2, and the composite PMI rising to 49.8, signaling a slight contraction.
On the corporate front, Gurunavi (TYO:2440) raised its full-year net income forecast to 200 million yen, up 33.3%, on the back of income from investment securities sales.
However, the company anticipates losses in the third and fourth quarters of FY25 due to adjustments in its restaurant development business and staff cuts at Gurunavi Shanghai.
QD Laser (TYO:6613) is aiming for profitability by FY27, targeting net sales of 1.95 billion yen and operating profit of 7 million yen. The plan focuses on 20%-25% annual growth in its laser device segment and 45% gross margins by FY26.
Elsewhere, CRE (TYO:3458) completed the acquisition of the Narogong Cold Storage warehouse in Indonesia, which offers 7,200 pallet spaces for cold, chilled, and ambient storage, and is leased to a local company.

Sumber : MT Newswires