JKB Financial Services Ltd.

As on : 09-Dec-2024

Market Commentary - Foreign Markets
09-Dec-2024 16:31

Japanese markets rise slightly as GDP grows

Japanese markets rose slightly as data revealed GDP grew in July-September at a faster pace than initially reported due to upward revisions in capital investment and exports.

The Nikkei average closed up 0.18 percent at 39,160.50 after a choppy session. The broader Topix index settled 0.27 percent higher at 2,734.56.

AI-focused startup investor SoftBank Group and Uniqlo parent firm Fast Retailing both gained around 2 percent.

Rakuten Group surged 6.7 percent after the e-commerce company announced a shareholder benefits program. Chip-related shares declined, with Advantest falling 4.7 percent.

Japan's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the third quarter of 2024, the Cabinet Office said on Monday - following the upwardly revised 0.5 percent increase in the three months prior (originally 0.2 percent). On an annualized basis, GDP rose 1.2 percent.

Japan posted a current account surplus of 2.456 trillion yen in October, the Ministry of Finance said on Monday - down 13 percent from a year earlier. Exports were up 2.9 percent on year at 9.365 trillion yen and imports fell 0.7 percent to 9,521 trillion yen for a trade deficit of 155.7 billion yen.

GET IN TOUCH