October 09, 2024 at 02:18 am EDT
(MT Newswires) -- Japanese shares advanced on Wednesday, buoyed by new economy minister Ryosei Akazawa's confidence in the central bank's interest rate decisions amid uncertainties surrounding the new political leadership's approach to monetary policy.
The Nikkei 225 climbed 0.87%, gaining 340.42 points to close at 39,277.96.
Bank of Japan (BOJ) Governor Kazuo Ueda said the central bank would adjust monetary support if economic and price conditions align with forecasts, as relayed by Akazawa.
He also said real interest rates remain negative and emphasized that monetary policy decisions fall under the BOJ's purview.
Akazawa expressed confidence in the BOJ's responsiveness to economic shifts, dismissing fears that the new administration might challenge the bank's normalization efforts.
In economic news, Japan's Economy Watcher's Survey Index dropped to a seasonally adjusted 47.8 in September, down from 49 in August, signaling that pessimists outnumber optimists, according to the Cabinet Office.
Conversely, Japanese manufacturers displayed improved sentiment in October, with the Reuters Tankan sentiment index rising to plus 7 from plus 4. Nevertheless, concerns regarding China's economic recovery persisted.
On the corporate front, Japaniace (TYO:9558) reported a 5.2% decline in profit attributable to owners, posting 396 million yen for the fiscal third quarter ended Aug. 31, down from 418 million yen a year earlier, primarily due to rising costs.
Earnings per share decreased to 98.35 yen from 103.67 yen.
In a separate development, Veritas In Silico (TYO:130A) and Liverpool ChiroChem (LCC) disclosed a strategic partnership to integrate LCC's chemistry platform with VIS's ibVIS biology platform, aiming to develop undisclosed mRNA assets.

Sumber : MT Newswires