The Nikkei Average extended its gains, with buying leading the market at times after the opening, but upside remained limited. The index closed at ¥64,136.25, up ¥213 from the previous day. Trading took place amid lingering concerns over monetary policy following the US FOMC's decision to raise interest rates and its indication of further rate hikes this year.
After a sharp decline the previous day, US stocks narrowed their losses toward the close as technology shares held relatively firm. In response, buying led the Nikkei Average at the opening of Japan's market on the 17th, but gains were limited. The index briefly slipped into negative territory during the session, but ultimately short covering prevailed, leaving it up ¥213.25 from the previous day at the close.
The Nikkei Average stood at ¥64,136.25 at the close. Trading volume on the TSE Prime Market was 1,956.62 million shares, while trading value was ¥7.1538 trillion. By sector, marine transportation, pharmaceuticals and Other Products advanced, while mining, nonferrous metals, and securities and commodity futures declined.
Among individual stocks, Fast Retailing, Chugai Pharmaceutical, Recruit Holdings, Konami Group and Bandai Namco Holdings advanced. Advantest, Tokyo Electron, Murata Manufacturing, Taiyo Yuden, Shin-Etsu Chemical, Kyocera and Disco declined.
With the announcement of the results of the Bank of Japan's Monetary Policy Meeting and a press conference by BOJ Governor Ueda scheduled for tomorrow, some market participants believe aggressive buying will be difficult while concerns over monetary policy persist. Oil price trends were also cited as a point of focus.