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Japan's Nikkei inches higher amid weaker yen, pharma extends rally
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Japan's Nikkei inches higher amid weaker yen, pharma extends rally
Aug 29, 2024 2:03 AM

TOKYO, Aug 23 (Reuters) - Japan's Nikkei share average

rose in early trade on Friday, with pharma shares rallying for a

second session, although gains were limited as tech stocks

followed their U.S. peers lower.

Japanese exporter-heavy equity markets also got some broad

support from a weaker yen versus the dollar. However, the

outlook for the currency pair looks murky, with investors

watching Bank of Japan Governor Kazuo Ueda's testimony in

parliament after last month's surprise rate hike.

Market participants are also looking forward to U.S. Federal

Reserve Chair Jerome Powell's keynote speech at the annual

Jackson Hole symposium later in the day.

The Nikkei rose 0.2% to 38,288.79 by 0008 GMT, while

the broader Topix climbed 0.32%.

Pharma was among the top gainers among the Tokyo Stock

Exchange's 33 industry groups, with a 1% rise. It climbed 1.56%

on Thursday.

Sumitomo Pharma ( DNPUF ) gained 2%, while Chugai

Pharmaceuticals jumped 2.9%.

Electronics makers Sharp Corp ( SHCAF ) was the Nikkei's

biggest percentage gainer, soaring more than 7% following a

report that SoftBank Corp ( SFTBF ) was in talks to make a 100

billion yen ($683.53 million) investment. SoftBank shares were

little changed.

At the other end, chip-testing equipment manufacturer

Advantest ( ADTTF ) was the Nikkei's biggest decliner both in

percentage and points terms, dropping more than 2%.

Chip-making machinery giant Tokyo Electron ( TOELF ) slipped

0.8%.

($1 = 146.3000 yen)

(Editing by Subhranshu Sahu)

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