Japanese Shares Rise After Fed Decision
The Nikkei 225 Index climbed 0.5% to above 64,200, while the broader Topix Index advanced 1% to 4,100 on Thursday, extending gains from the previous session even after the US Federal Reserve raised interest rates and signaled further tightening to contain inflation. The yen weakened against the dollar following the Fed’s decision, improving the earnings outlook for Japan’s export-focused industries. Japanese equities also benefited from declining oil prices amid expectations that crude flows through Saudi Arabia’s East-West pipeline could resume soon, easing pressure on the country’s oil-dependent economy. Gains were broad-based, with notable performances from index heavyweights such as SoftBank Group (1.2%), Mitsubishi UFJ (0.6%), Fujikura (2.7%), Mitsubishi Heavy Industries (3.1%) and Nintendo (3.3%).
5% to above 64,200, while the broader Topix Index advanced 1% to 4,100 on Thursday, extending gains from the previous session even after the US Federal Reserve raised interest rates and signaled further tightening to contain inflation. The yen weakened against the dollar following the Fed’s decision, improving the earnings outlook for Japan’s export-focused industries. Japanese equities also benefited from declining oil prices amid expectations that crude flows through Saudi Arabia’s East-West pipeline could resume soon, easing pressure on the country’s oil-dependent economy. 3%).