Market Commentary - Foreign Markets
Japan Nikkei rebounds 0.46% As on : 14-May-24  13:19

Japan stock market finished session slightly lower on Monday, 13 May 2024, with shares in technology and export related companies leading gains on tracking gains of US chip stocks and a weaker yen against greenback.

However, market gains capped on caution ahead to key US inflation data this week, with the producer price index and consumer price index due on Tuesday and Wednesday, respectively, that will likely play a role in shaping the Federal Reserve's monetary policy outlook.

The 225-issue Nikkei Stock Average index advanced 176.60 points, or 0.46%, to finish at 38,356.06. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 6.87 points, 0.25%, to 2,730.95.

ECONOMIC NEWS: Japan Producer Prices Up 0.3% In April- Japan producer prices were up 0.3% on month in April, the Bank of Japan said on Tuesday - accelerating from 0.2% in March. On a yearly basis, producer prices rose 0.9% - unchanged from the previous month following an upward revision from 0.8%. Export prices were up 0.4% on month and 1.3% on year, the bank said, while import prices fell 0.1% on month and 4.3% on year.

Japan's Machine Tool Orders Plunge 11.6% YoY in April 2024 In April 2024, Japan's machine tool orders took a significant hit, plummeting by 11.6% year-on-year to JPY 117,262 million, according to the Japan Machine Tool Builders? Association. This marks a steeper decline compared to the previous month's 8.5% decrease. Both domestic and foreign demand suffered, with domestic orders falling by 12.9% to JPY 36,328 million and foreign orders declining by 11% to JPY 80,934 million. On a monthly basis, orders dipped by 12.6%. The cumulative decline over the first four months of the year stands at 9.3%.

CURRENCY NEWS: The Japanese yen depreciated to mid-156 level against greenback on Tuesday on persistent speculation that U.S. interest rates will remain elevated for longer. The yen was changing hands at 156.42 per dollar in late trade on Tuesday, compared with 156.21 yen on Monday.

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