Japanese Stocks Rise as Oil Falls After US Fed Rate Hike

MT Newswires Live16:29

Japanese stocks gained on Friday as oil prices fell following a Federal Reserve interest rate hike, even as investors worry that prolonged energy supply uncertainty stemming from the Middle East conflict could keep inflation risks at a high.

The benchmark Nikkei 225 closed up 882.70 points, or 1.38%, at 65,018.95.

Oil prices slipped after reports emerged that China has asked Iran to rein in the attacks by Houthis on Saudi Arabian oil infrastructure, while several countries are in talks to finalize alternative oil supply routes to secure energy supplies.

On the corporate side, Nippon Seiki (TYO:7287) said it completed a 9.98 billion yen share buyback, repurchasing over 3.6 million common shares on Sept. 18, according to a Tokyo bourse filing on Friday.

Also, Daiwa House REIT Investment (TYO:8984) plans to acquire a 50% quasi co-ownership interest in trust beneficiary rights to the retail property Urawa CulE from Daiwa House Industry for 4.75 billion yen on Sept. 29, according to a Friday bourse filing.

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