Japan’s Nikkei 225 index opened the stock market on a high note on Monday. The index rose by more than 0.70% after the release of Japan’s Industrial Production. Markets in mainland China, Hong Kong and Australia were closed on Monday for holidays. The Topix index jumped 0.26% while MSCI’s index for Asia Pacific stocks outside Japan recorded a 0.17% decline.
Nikkei 225 Index Ties
The Nikkei 225 index reacted to the Japanese Industrial Production released on Monday. Japan Industrial Production gained 2.9% MoM in April from the previous 1.7%. It was stronger than the estimated forecast of 2.5%. Japan is expected to release the final figures for the country’s industrial production later in the day.
The Japanese Yen traded at 109.74 per dollar. This was weaker than levels of 109.5 seen against the greenback in the previous week.
Bitcoin’s prices closed in on a 10.2% high on Sunday evening. According to data from the CoinDesk, its prices rose to $38,903.23. This was after Tesla’s CEO, Elon Musk, said that the company would resume Bitcoin transactions if only there was a reasonable clean energy usage by miners with positive future trend.
The Nikkei 225 index is on a tight range as attention shift to the Fed’s decision on whether to taper the monetary policy earlier than expected. With the increasing inflation in the US, investors expect the Federal Reserve to tighten its monetary policy. The Fed will hold a meeting on Thursday this week.
Toshiba, one of Nikkei’s stocks, stated that they will drop two board members. Shareholders want Toshiba to change management after probe. Some shareholders stated that, the company conspired with the Japanese government to “attack” foreign investors.
Oil prices rose during Asia’s trading hours. Brent crude oil futures went up 0.48% to $73.04 per barrel while US crude futures rose 0.45% to $71.23 per barrel.
Nikkei 225 Movers
Tech companies were among the best performers in the Nikkei 225 index. Among the companies that boosted the index include Fujikura, Taiyo Yuden, and Fanuc Corp. Fujikura, a telecommunications company, was the best performer in the index after gaining 3.43% in its stock price. Taiyo Yuden and Fanuc Corp each gained 3.29% and 3.01% respectively.
Some of the worst performers in the index include Shimizu Corp, Itochu Corp, and Olympus Corp. Shimizu recorded a 5.57% decline in its stock prices after a slowdown in Japan’s construction sector. Itochu and Olympus each dropped by 3.00% and 2.84%.