Domestic Markets Today (January 24): Stocks, Bonds, Forex Markets – Bloomberg

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Japanese stocks rise for 3 days in a row, weaker yen tailwinds economic and earnings expectations – both domestic and foreign stocks are high

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The Tokyo stock market rose for three consecutive days. Excessive caution about the economy and corporate performance has receded due to slowing US inflation and deep-rooted expectations for a restart of the Chinese economy. The weakening of the yen exchange rate is also a tailwind, and export-related items such as electrical machinery, automobiles, and machinery are rising. Material stocks such as steel and non-ferrous metals were also high, and the rise in overseas economic sensitive industries such as trading company stocks was conspicuous. Domestic demand-related markets such as banks and services were generally strong, and buying spread to a wide range of stocks.

  • TOPIX closed at 1972.92, up 27.54 points (1.4%) from the previous day
  • The Nikkei Stock Average climbed 393.15 yen (1.5%) to 27,299.19 yen.
    • The closing price has recovered to the 27,000 yen level since December 19, 2022

Koichi Kurose Chief Strategist of Resona Asset Management

  • Interest rates rose, the yen appreciated, and stock prices fell for about a month after the Bank of Japan revised its monetary easing policy in December last year, but today’s Nikkei Stock Average returned to the level before the policy revision.The BOJ has failed to break out of deflation three times in the past, and this is partly due to the view that it will not make any policy revisions for some time.
  • There are also hopes that the slowdown in the global economy will ease.In China, although the number of new coronavirus infections has increased, there are no noticeable cases of severe cases, and the economic resumption of the country will have a large positive impact on the economy.
  • As Chinese stocks are on holiday, there seems to be some moves to buy hedges in the Japanese stock market.
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TSE 33 industries

top rate of increase Machinery, precision machines, metal products, banks
high drop rate steel, shipping

●Bond prices fall, long-term interest rates hover in the high 0.3% range – Buybacks of futures seem to be taking a break

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Bond markets fell. Futures were dominated by selling as the flow of buybacks after the Bank of Japan kept its policy unchanged showed a sense of a lull. Yields on newly issued 10-year government bonds hovered in the high 0.3% range, below the Bank of Japan’s allowable upper limit of 0.5%. The market was underpinned by the fact that the Bank of Japan conducted limit-price operations every business day and successfully passed liquidity supply auctions.

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