Japan shares rise and await US inflation data – economic – global economy


Japan shares closed higher today, after US jobs data eased fears of an early Federal Reserve policy easing, but strong profit-taking capped gains amid caution ahead of US inflation data this week.

The Nikkei index rose 0.27 percent to 29,019.24 points, after rising 1 percent earlier in the session, approaching a four-week high.

The broader Topix index also reversed the trend and closed up 0.08% to 1960.85 points.

Friday’s data showed that the US economy added 559,000 jobs in the non-farm sectors in May, less than economists’ expectations for a 650,000 job increase, trimming expectations of an early cut in asset purchases by the Federal Reserve.

The Nasdaq’s gains on Friday were boosted by Japan’s technology shares, with electronics parts maker Ibiden rising 3.51 percent and TDK Corp adding 2.34 percent.

Shipping companies benefited from high global sentiment and rose 2.55 percent to a 10-year peak, Nippon Yusen rose 2.37 percent, Kawasaki Kisen advanced 5.51 percent and Mitsui OSK Lines gained 2.26 percent.

But profit-taking plunged steel companies, which posted strong gains since the beginning of the year, thanks to signs of a global recovery.

The steel producer sub-index lost 4.71 percent, Nippon Steel lost 5.74 percent, JFE Holdings fell 7.2 percent and Kobe Steel fell 5.2 percent.



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