Japanese stocks rise as Toyota and Sony gains offset tech losses


TOKYO, Jan. 5 (Reuters) – Japanese stocks edged higher on Wednesday, as gains at Toyota Motor (7203.T) and Sony Group (6758.T) were offset by weak performance from tech heavyweights and a massive sell-off of expensive growth stocks driven by rising US Treasury yields.

As of 02:18 GMT, the Nikkei stock average (.N225) was up 0.03% to 29,312.00, after falling into negative territory several times, while the wider Topix (.TOPX) gained 0.36% at 2,037.25.

“With rising interest rates in the United States, investors have sold companies with high PERs (price-to-earnings ratios). These stocks are facing headwinds,” said Ikuo Mitsui, fund manager. at Aizawa Securities.

Register now for FREE and unlimited access to Reuters.com


“On the other hand, companies with strong fundamentals have attracted investors. For example, Toyota is a positive stock as production is expected to recover this year and the weaker yen may boost profits.”

Toyota, up 2.15%, extended its rally after the automaker overtook General Motors (GM.N) in the United States in 2021, marking the first time the Detroit-based automaker failed to dominate auto sales in the United States for a full year since 1931. read more

The Sony Group (6758.T) was up 3.24% as the game maker said it would start a new company for electric vehicles this spring. Read more

The insurance sector (.IINSU.T), up 2.72%, was the main winner among the 33 sub-indices of the stock exchange industry, in hopes that the rate hike is likely to fall. ” increase profits.

Tech heavyweights fell, with chip-based equipment maker Tokyo Electron (8035.T) losing 0.92% and medical services platform M3 (2413.T) losing 3.64%. Medical equipment maker Terumo fell 1.6%.

Komatsu (6301.T), up 4.56%, was the best performer on the Nikkei, followed by Mitsui Chemicals (4183.T), gaining 3.87%.

Daiichi Sankyo (4568.T) and Z Holdings Corp were among the worst performers on the Nikkei, losing 3.72% and 3.48% respectively.

Register now for FREE and unlimited access to Reuters.com


Reporting by Junko Fujita; Editing by Rashmi Aich

Our standards: Thomson Reuters Trust Principles.


Comments are closed.