TOKYO, April 10 (Reuters) - Japanese stocks found a
footing on Monday, with the yen a touch weaker, on hopes the
global economy can hold up in the face of high inflation and
interest rates, though moves were modest ahead Bank of Japan
Governor Kazuo Ueda's first news conference.
The Nikkei share average rose 0.4% to 27,633 by the
mid-session break and the broader Topix gained 0.6%.
Markets have been buffeted in recent weeks by wild swings in
global interest rate expectations, which can form the basis for
equity valuations and the growth outlook. However, projections
have lately been stabilising around bets that a peak for U.S.
interest rates is close at hand, and steady U.S. labour data
last week fed hopes that the economic damage may not be so bad.
"Japanese equities rose on expectations that the U.S. labour
market will remain firm," said Masahiro Ichikawa, chief market
strategist at Sumitomo Mitsui DS Asset Management in Tokyo,
though gains were capped without much else to guide trade.
Markets in Hong Kong, Europe and the U.S. were closed on
Friday and several remain shut on Monday for Easter. Among gainers were Disney Park operator Oriental Land Co , up about 3% to a one-year high as investors cheered
the ebbing of the COVID-19 pandemic. Nintendo shares
rose nearly 4%. A weaker yen boosts earnings for exporters.
The rates-sensitive insurance and banking sectors steadied, with the indexes up 1.6% and 0.8%,
respectively.
Shares of office-equipment focused Konica Minolta were among the largest losers on the Nikkei, down 1.6% and on a
four-day losing streak.
Later on Monday, Ueda is due to make his first news
conference as BOJ governor, with markets looking for clues on
whether he plans to shift away from ultra-easy policy settings.
(Reporting by Junko Fujita in Tokyo. Writing and additional
reporting by Tom Westbrook; Editing by Subhranshu Sahu)
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