Japan’s Nikkei index halts 5 sessions of decline as US interest rates await

Today, the Japanese Nikkei index halted a five-session decline, supported by gains in pharmaceutical and technology manufacturers, as investors awaited the Federal Reserve’s conference in Jackson Hole for any indications on the pace of interest rate hikes. The Nikkei index rose 0.58% to 28479.01 points, and the broader Topix index gained 0.48% to 1976.60 points.
“Investors are betting that the market will rebound after this big event ends even if comments about monetary tightening come out of the Federal Reserve meeting,” said Ikko Mitsui, fund manager at Aizawa Securities.
“But they also realize that inflation in the United States will continue and it will take time to control it, so the market may calm down next month,” he added.
The share of Daiichi Sankyo Pharmaceutical Manufacturing Co. jumped 4.6 percent and formed the largest boost to Nikkei, followed by the share of Tokyo Electron Chip Equipment Co., which also jumped 1.22%, and then the share of Daikin Industries, which rose 1.59 percent.

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