Radiocor News

Japanese shares close higher; tech stocks drop

Tokyo Nikkei 225 up 0.95% at 39,173 points (Il Sole 24 Ore Radiocor) - Tokyo , 25 Jun - Japanese shares closed higher amid mixed Asian markets, extending recent gains after Friday's flat session.

Losses in heavyweight technology stocks however capped the gains amid a selloff in US tech stocks overnight.

The yen continued to hover near the lowest level against the dollar in over 30 years and hit a record low versus the euro, putting pressure on the Bank of Japan to tighten policy despite sluggish domestic data.

Investors looked for signs of potential currency market interventions from Tokyo.

The BoJ earlier this month left interest rates unchanged as widely expected but unexpectedly signalled no near-term changes to its bond buying program. It said it will unveil a plan to start cutting bond purchases at its next meeting at the end of July.

The central bank hiked rates for the first time in 17 years in March, bringing them out of negative territory.

On the data front, the services producer price index for Japan climbed 2.5% year on year in May, compared with the 2.7% rise in April.

The Nikkei index closed up 0.95% at 39,173 points.

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(RADIOCOR) 25-06-24 08:48:25 (0169) 5 NNNN

 


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