Earnings season is in full swing in the world’s fourth-largest economy, with markets on edge ahead of a vote on Sunday, with polls pointing to a decisive victory for Prime Minister Sanae Takaichi’s ruling coalition, seen as a budget pigeon.Isetan Mitsukoshi rose 7.1% after the department store operator raised its full-year outlook on Friday. Toyota Motor rose 2% after announcing a change in leadership and revising full-year guidance.
Food additive maker Ajinomoto rose 13.4%, its biggest daily percentage change since October 2008, after upgrading its full-year outlook on Thursday.
On the other hand, Subaru fell 5.5% after the automaker said U.S. tariffs weighed on its full-year outlook.
Soy sauce maker Kikkoman was the biggest percentage loser on the Nikkei, down 7.5% after Thursday’s results were released. The impact of earnings, recent sharp declines and this weekend’s upcoming election added to a sense of tug-of-war in Tokyo’s stock markets, said Maki Sawada, equity strategist at Nomura Securities.
“We continue to see significant individual stock selection moves, with some stocks rising quite sharply and others falling,” Sawada added.
Shares of Japanese pharmaceutical companies fell after US President Donald Trump’s website, which offered discounted US prescription drugs, went live. Chugai Pharmaceutical, a biotech company affiliated with Roche, fell 5.7%.
There were 164 advancers on the Nikkei index, compared to 58 decliners.
#Japans #Nikkei #rebounding #gains #volatile #trading #ahead #Sundays #election