Japanese stocks rose in trading on Tuesday, unlike most other Asian stocks, which supported the Nikkei’s close near 27,000 points, which coincided with the rise of the yen against the dollar. A Reuters poll showed that economists still expect Japan’s economic growth to remain positive during the fiscal year until March next year, thanks to an expected recovery in consumption, which accounts for more than half of the country’s gross domestic product.
However, they cut current quarter growth estimates to 3.1% from 3.5% expected in June and cut fourth quarter growth forecasts more sharply to 3.2% from 4.1% earlier as they see that supply issues could hamper Japanese exporters, especially amid fears of a return to the Covid-19 outbreak.
The Nikkei index rose by the end of the session by 0.65% to 26,961 points, while the broader Topix index rose by 0.54% to 1902 points. The Japanese currency rose 0.28% to 137.76 yen against its US counterpart at exactly 09:51 Beirut time.
Source: El Iktisad
