Market Commentary - Foreign Markets
Japanese Markets End Slightly Higher As Manufacturing Sentiment Improves As on : 01-Jul-24  17:12

Japanese markets edged up slightly after a survey showed sentiment among large Japanese manufacturers improved during the three months to June.

On the flip side, the government downgraded its estimate for growth in the first quarter of the year to -2.9 percent from -1.8 percent - darkening prospects for a fragile recovery.

Japan's consumer sentiment increased for the first time in three months in June, though marginally, survey data from the Cabinet Office showed on Monday. The seasonally adjusted consumer confidence index rose to 36.4 in June from 36.2 in May.

The manufacturing sector in Japan was flat in June, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 50.0. That's down from 50.4 in May and it's now right on the line that separates expansion from contraction.

The Nikkei average closed up 0.12 percent at 39,631.06, giving up most early gains. The broader Topix index settled 0.52 percent higher at 2,824.88.

Department store operator J.Front Retailing soared 14.7 percent and Takashimaya surged 11.1 percent after raising their annual profit forecasts.

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