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Nikkei 225 Extends Rally, Up 0.7% on Wall Street Cues, Softer Yen

MT Newswires ·  {{timeTz}}

06:00 AM EDT, 03/18/2022 (MT Newswires) -- The Nikkei 225 opened evenly and rallied in the afternoon on Friday, finishing up 0.7% on overnight Wall Street cues and a softer yen, the latter regarded as a positive in export-oriented Japan.

The benchmark Nikkei 225 rose for the fifth-straight day, closing up 174.54 to 26,827.43, as gaining issues outnumbered losers 142 to 82. The yen traded to nearly 119 to the US dollar, the softest level since 2015.

Leading the upside on a down day were Pacific Metals (5541:Tokyo), up 8.4%, followed by Toho Zinc (TOHZF, 5707:Tokyo), up 8.1%, and then Mitsui Mining & Smelting (MMSMY, 5706:Tokyo), up 5.8%.

On the downside were Tokyo Gas (TKGSY, 9531:Tokyo), off 2.9%, and machine-tool maker JTEKT (JTEKY, 6473:Tokyo), off 2.9%.

The Nikkei 225 is down 6.8% year-to-date.

In other news, Japan's headline consumer price index , or CPI, rose 0.9% in February from a year earlier, the Ministry of Internal Affairs and Communications reported.

However, Japan's "core" CPI in February, which excludes fresh foods, rose 0.6% from a year earlier, while the "core-core" CPI, which excludes certain foods and fuels, fell 1% on the year, reported the ministry.

Also, the Bank of Japan announced it would maintain its monetary policy and hold rates on liquid bank deposits at negative 0.1%, and on 10-year government bonds at 0%.

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