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Nikkei 225 Up 2.6% on Earnings, Bargain-Hunting, US Futures

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Last updated: 05/13/2022 05:50:42

05:50 AM EDT, 05/13/2022 (MT Newswires) -- The Nikkei 225 opened higher and rose to the close, finishing up 2.6% as traders weighed earnings reports and bought shares beaten down in recent bear moves. Wall Street futures tracked higher during Tokyo trading hours, boosting sentiments.

The benchmark Nikkei 225 rose 678.93 to 26,427.65, as gaining issues outnumbered losers 174 to 49.

Leading the upside were oil-industry engineers JGC (JGCCY, 1963:Tokyo), up 20.5% after reporting earnings, followed by electrical equipment maker Fujikura (5803:Tokyo), up 16.8%, and then Citizen Watch (CHCLY, 7762:Tokyo), up 15.1%.

On the downside were Casio Computer (CSIOY, 6952:Tokyo), off 13.8%, and then security outfit Secom (SOMLY, 9735:Tokyo), off 11.2%.

The Nikkei 225 is off 8.2% year-to-date.

In other news, Bank of Japan Governor Haruhiko Kuroda said reducing monetary easing is not appropriate for Japan, reported Kyodo News. While inflation recently has edged up in Japan towards the central bank's 2% target, the price increases are largely due to higher energy and commodity prices, and whether price hikes will become "broad-based" is not yet determined, said Kuroda.

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