TOKYO, July 29 (Reuters) - Japanese shares ended higher on Thursday, as Nissan Motor and some semiconductor firms delivered suprisingly strong earnings, while investors took comfort in the U.S. Federal Reserve’s signal that it was in no rush to taper monetary policy support.
Nikkei share average was up 0.73% at 27,782.42, while the broader Topix closed 0.41% higher at 1,927.43.
Fed Chair Jerome Powell said the U.S. job market still had “some ground to cover” before it would be time to pull back from its economic support, underpinning the market.
“Powell’s press conference was well-balanced and left the Fed with the flexibility to act according to economic data, fiscal stimulus, and virus developments,” John Vail, chief global strategist at Nikko Asset Management in Tokyo said.
“Financial markets did not react very much to the result, and the yen remained relatively stable, which is helpful to Japan’s economy and financial markets.”
Positive earnings outweighed concerns about the worsening pandemic, after daily coronavirus cases hit a record high in Japan and its capital city, Tokyo, which is currently hosting the Olympics.
Nissan Motor gained 5.76% after the carmaker reported a surprise first-quarter operating profit and raised its outlook, forecasting a return to net profit after two consecutive years of losses.
Advantest jumped 7.33% as the manufacturer of test machines for chip-making announced bumper earnings and a share buyback.
Screen Holdings added 5.81% after the manufacturer of chip-making machines forecast annual profit slightly above expectations, citing strong demand.
However, electronic parts maker TDK dropped 3.17% after its quarterly results fell short of market expectations.
Cyberagent Inc tumbled 7.36% as investors locked in profit following the mobile videogame firm’s strong quarterly results, boosted by sales of a popular game it launched in February.
Outside earnings, Sony rose 3.46% after the company said its PlayStation 5 gaming console outstripped sales of its predecessor since launching last November.
Among Topix subsectors, precision machinery was the biggest winner, gaining 1.98%. Electric appliances added 1.58%. (Reporting by Hideyuki Sano; Additional reporting by Kevin Buckland; Editing by Ramakrishnan M. and Sherry Jacob-Phillips)
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Japanese shares close higher on upbeat earnings, benign Fed - Reuters
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