“Tokyo Stock Exchange Gains on Yen Fall and Wall Street Optimism”

2023-05-01 01:32:04

Tokyo (awp / afp) – The Tokyo Stock Exchange was up on Monday morning, driven by the fall of the yen in the wake of the monetary status quo of the Bank of Japan, and supported by the optimism of Wall Street on Friday.

The flagship Nikkei index gained 0.78% to 29,080.82 points around 01:15 GMT, exceeding 29,000 points in session for the first time since last August.

The broader Topix index advanced 0.69% to 2,071.70 points.

The New York Stock Exchange ended the week higher after strong results from tech giants like Meta, Microsoft and Alphabet, and ahead of a crucial US Federal Reserve meeting that is expected to lead to another US rate hike. .

The Bank of Japan, for its part, maintained its ultra-accommodative monetary policy on Friday, contrary to the turn of the screw observed elsewhere, causing the yen to tumble against the dollar and to a 15-year low against the euro, movements of favorable exchange rates for Japanese exporting companies.

Major stock markets were closed Monday in Europe and China due to a public holiday. The New York Stock Exchange, on the other hand, was operating normally.

On the side of values

SOFTBANK GROUP: the Japanese juggernaut of investments in new technologies SoftBank Group gained 2.25% to 5,209 yen. SBG confirmed in a statement on Monday that its subsidiary Arm, a British microprocessor giant, had “submitted confidentially” to the American stock market policeman (the SEC) a draft registration for its IPO in the United States.

The size and price range for this IPO have not yet been determined, SBG said, adding that the IPO is subject to market conditions and SEC review.

SONY: Sony fell 4.01% to 12,315 yen after announcing on Friday annual forecasts below market expectations for its 2023/24 financial year which started on April 1. It achieved record sales over the past financial year, benefiting from dynamic sales in video games, music and cinema.

ASTELLAS: the pharmaceutical group Astellas (+ 1.48% to 2,078.5 yen) announced on Monday that it had reached a definitive agreement to acquire the American biotech Iveric Bio for a total amount of approximately 5.9 billion dollars, with the aim of “creating a world-class entity” in the field of ophthalmology.

On the side of currencies and oil

The yen continued to fall against the dollar, with a dollar trading for 136.64 yen around 01:20 GMT against 136.30 yen on Friday at 21:00 GMT.

The euro was worth 150.36 yen against 150.19 yen at the end of last week, and traded for 1.1004 dollars against 1.1019 dollars on Friday.

On the oil market, the barrel of American WTI lost 0.78% to 76.18 dollars around 01:15 GMT, and the barrel of Brent from the North Sea 0.71% to 79.76 dollars.

mac/rr

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