The Japanese stock market ended slightly higher on Wednesday. The increase in growth forecast for the global economy by the International Monetary Fund (IMF) fueled hopes for better corporate results.
Investors also kept their powder dry in anticipation of the outcome of the US Federal Reserve (Fed) interest rate meeting, which will be released later in the day. The continued increase in the number of corona infections, which has reached 100 million worldwide, also caused some restraint.
The main index in Tokyo, the Nikkei 225, closed 0.3 percent in the plus at 28,635.21 points. Japanese companies that are sensitive to economic developments were top-rated, thanks to the IMF’s improved outlook.
Strong quarterly figures from the American technology group Microsoft, which again did profitable business with its cloud services, also helped the tech sector move forward. Nitto Denko thicknesses more than 7 percent. The Japanese electronic parts maker increased its profit forecast.
The stock exchange in Shanghai was 0.1 percent higher in the meantime, and the Hang Seng index in Hong Kong climbed 0.2 percent. On a macroeconomic front, it was found that Chinese industrial companies’ profits increased by 20.1 percent in December.
It was the eighth month of earnings growth in a row. The Chinese industrial sector is thus showing sustained recovery from the corona crisis. In Seoul, the Kospi fell 0.3 percent. South Korean automaker Kia gained 0.5 percent after the results were published. Hyundai, the parent company of Kia, already came up with figures on Tuesday and fell 2 percent.