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Nikkei 225 Up 1.3% On Retailing, Federal Reserve Outlooks

MT Newswires ·  {{timeTz}}

05:48 AM EDT, 06/03/2022 (MT Newswires) -- The Nikkei 225 opened higher on Friday and held ground, finishing up 1.3% after a soft US employment report on Thursday reduced concerns about a tighter US Federal Reserve, and following a strong sales report from index heavyweight Fast Retailing (FRCOF, 9983:Tokyo).

The benchmark Nikkei 225 rose 347.69 to 27,761.57, as gaining issues outnumbered losers 128 to 91.

Leading the upside were Pacific Metals (5541:Tokyo) up 6.5%, and then Fast Retailing, parent of Uniglo garment line, which rose 5.9% after reporting 17.5% gain in same-store sales for May. Also gaining was Z Holdings, the former Yahoo Japan (YAHOY, 4689:Tokyo), up 5.1%.

On the downside were chemical-concern Tosoh (TOSCF, 4042:Tokyo), off 3.3%, and then entertainment-house Toho (9602:Tokyo), off 2.3%.

The Nikkei 225 is off 3.6% year-to-date.

In other news, the seasonally adjusted au Bank Japan Services Business Activity Index posted at 52.6 in May, up from 50.7 in April, and notching above the 50-marker that separates growth from contraction, reported S&P Global.

The au Jibun Bank Japan Composite PMI Output Index, which measures both the manufacturing and services sectors, rose to 52.3 in May from 51.1 in April, said S&P Global.

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