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Tokyo stocks rally following steady US Federal Reserve interest rates

Published Nov 02, 2023 04:22
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Today, Tokyo's stock market responded positively to the US Federal Reserve's unchanged interest rates, leading to an increase in Wall Street buying. The benchmark index ascended to 31,949.89 points while the Topix index rose to 2,322.39 points. This surge in Tokyo stocks was linked to weak US economic data and a weak ISM survey suggesting no imminent rate hike.

Shares in the semiconductor sector experienced significant growth with Advantest and Screen Holdings soaring by 10 percent and 7.70 percent respectively. Tokyo Electron, another chip-making equipment manufacturer, also saw its shares jump by 3.29 percent.

Major shares like Toyota (NYSE:TM) and SoftBank (TYO:9984) Group witnessed growth as well. Toyota, revising its net profit forecast upwards, saw its shares rise by 4.54 percent due to a robust earnings report and further gained 1.77 percent today. SoftBank Group also increased by 1.50 percent.

The dollar-yen exchange rate decreased slightly to 150.44 yen, alleviating investor concerns over extended monetary tightening according to Iwai Cosmo Securities. The fall in US bond yields also had a positive influence on Japanese bond yields and Tokyo shares.

Investors are now waiting for more US corporate earnings but may postpone major investments until after Japan's three-day weekend when additional US data and corporate results will be released.

Fast Retailing (Uniqlo brand) also experienced increases along with Advantest. Despite the positive market sentiment, Nomura Securities highlighted the cautious approach of Tokyo investors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Tokyo stocks rally following steady US Federal Reserve interest rates
 

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