March 29, 2024

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Passion For Business

Japan’s Nikkei closes at highest level since 1991

“But investors later resumed bargain-hunting purchases on the backdrop of easing uncertainties over the US presidential election,” Okasan Online Securities said in a commentary.

US President Donald Trump erupted in a tirade of unsubstantiated claims that he is being cheated out of winning the US election as vote counting across battleground states showed Democrat Joe Biden closing in on victory.

But the outburst did little to move the market in Tokyo.

The dollar traded at 103.58 yen in Asian trade, against 103.55 yen in New York and 104.30 yen in Tokyo late on Thursday.

In Tokyo, Toyota ended up 0.50pc at 7,019 yen after it said it almost doubled its full-year forecasts, saying sales and production were recovering quickly from the coronavirus pandemic.

Its smaller rival Honda was up 2.51pc at 2,589.5 yen before releasing earnings after the closing bell.

The automaker upgraded its full-year forecast, projecting net profit at 390 billion yen for the current year, compared with an earlier estimate of 165 billion yen.

Nintendo ended down 0.17pc at 57,810 yen on profit taking after starting with gains following its announcement its first-half net profit soared 243.6 percent on-year while upgrading its full-year sales and profit forecasts.

Eisai rallied 3.70 percent to 10,240 yen, a day after the pharmaceutical firm surged 17.91pc to the day’s cap on a US Food and Drug Administration report saying an experimental Alzheimer’s therapy it co-developed with Biogen appears effective.

Japan’s household spending dipped 10.2pc  in September on-year, according to the internal affairs ministry data released before the opening bell.

The figure was largely in line with market expectations of a 10.5pc drop, as consumers refrained from spending, particularly on transportation and leisure activities.