JKB Financial Services Ltd.

As on : 24-Oct-2024

Market Commentary - Foreign Markets
24-Oct-2024 16:07

Japanese markets end slightly higher

Japanese markets reversed early losses to end modestly higher and the yen weakened across the board after Bank of Japan governor Kazuo Ueda said it is becoming difficult to judge how large future rises in borrowing costs will be.

Earlier in the day, a private survey showed Japan's factory activity contracted for the fourth straight month in October on subdued demand and weak orders.

The Nikkei average edged up 0.10 percent to 38,143.29 while the broader Topix index settled marginally lower at 2,635.57.

Japan's private sector fell into the contraction zone for the first time in four months in October, the Purchasing Managers' survey compiled by S&P Global showed on Thursday.

The au Jibun Bank flash composite output index posted 49.4 compared to 52.0 in the previous month. A score below 50 suggests contraction.

Both manufacturing and services shrank in October due to a muted economy and subdued new order inflows. The flash services PMI registered 49.3, down from 53.1 in September.

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