Market Commentary - Foreign Markets
Japanese markets rise as yen edges lower As on : 22-Aug-24  16:17

Asian shares rose broadly on Thursday, though a cautious undertone prevailed ahead of the annual conference of central bankers at Jackson Hole, Wyoming, where Fed Chair Jerome Powell may provide important clues on the likely policy ahead for U.S. monetary policy.

Investors are waiting for fresh clues about how deeply and quickly the U.S. central bank will begin cutting interest rates in September.

Japanese markets rose notably as the yen edged lower ahead of BOJ Governor Kazuo Ueda's testimony in front of parliament.

Meanwhile, activity in Japan's manufacturing sector contracted slightly in August, but to a lesser extent than in previous months, while the services sector expanded, a business survey showed today.

The Nikkei average climbed 0.68 percent to 38,211.01 while the broader Topix index settled 0.25 percent higher at 2,671.40.

Among the top gainers, Sumitomo Dainippon Pharma surged 6.7 percent to hit a 52-week high.

The headline au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to 49.5 in August from 49.1 in July. The au Jibun Bank Flash Japan Services Business Activity Index posted 54.0 in August, up from a final reading of 53.7 in July. The au Jibun Bank Flash Japan Composite Business Activity Index posted 53.0 in August, up from a final reading of 52.5 in July.

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