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Japan Stocks closed higher on Friday, April 12th, 2024, with the Nikkei 225 gaining 0.31%. The positive performance was driven by strong gains in the Gas & Water, Power, and Construction sectors.
Strong Performances in Construction and Property
The standout performers of the day were companies in the construction and property sectors. Mitsui Fudosan Co., Ltd. (TYO:8801) led the surge, with its share price jumping 7.82% or 121.50 points to close at 1,671.00. Tokyo Tatemono Co., Ltd. (TYO:8804) also saw significant gains, rising 7.61% or 191.00 points to end the day at 2,706.00, marking a 5-year high for the company. Mitsubishi Estate Co Ltd (TYO:8802) joined the rally, climbing 6.92% or 198.00 points to close at 3,056.00, another 5-year high.
Limited Declines
While the overall market sentiment was positive, there were some notable decliners. Fast Retailing Co., Ltd. (TYO:9983) was the worst performer, experiencing a 4.40% or 1,940.00 points drop to close at 42,330.00. Other decliners included Odakyu Electric Railway Co., Ltd. (TYO:9007), which fell 3.07% or 58.00 points to 1,835.00, and Tokyo Electric Power Co., Inc. (TYO:9501), which declined 2.42% or 26.00 points to close at 1,045.50.
Market Details for Japan Stocks
Despite the slight decline in the number of advancing stocks compared to declining ones (1789 vs. 1813), the overall market remained positive. Additionally, 264 stocks closed unchanged.
The Nikkei Volatility, an indicator of implied volatility in Nikkei 225 options, rose 1.74% to 20.47.
Global Market Performance
Oil prices rose slightly, with crude oil for May delivery gaining 0.99% or $0.84 to settle at $85.86 a barrel. Brent oil for June delivery also saw an increase of 0.84% or $0.75 to reach $90.49 a barrel. Gold futures experienced a more significant rise, climbing 1.50% or $35.60 to trade at $2,408.30 a troy ounce.
The foreign exchange market saw the US Dollar Index Futures rise slightly by 0.26% to 105.33. Meanwhile, the USD/JPY currency pair dipped 0.03% to 153.23, and the EUR/JPY pair declined 0.34% to 163.85.
Conclusion
Japan Stocks closed on a positive note, with the Nikkei 225 index edging up 0.31%. The strong performance in the construction and property sectors was the key driver of the market’s rise. While there were some decliners, the overall sentiment remained positive, reflecting continued investor confidence in the Japanese economy.
