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<Asian Mkt>Nikkei Swells 347 pts at Midday to Another 34-Yr High, as Rakuten Lifts 6%; USD/JPY 150.18
US economic data was mixed, with inflation exceeding expectations but retail sales falling short of expectations last month, raising hopes that the US Fed will start cutting intere...
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<Asian Mkt>Nikkei Swells 347 pts at Midday to Another 34-Yr High, as Rakuten Lifts 6%; USD/JPY 150.18
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US economic data was mixed, with inflation exceeding expectations but retail sales falling short of expectations last month, raising hopes that the US Fed will start cutting interest rates in the coming months. JPY fell nearly 0.2% in the Asian session, while USD/JPY rose to 150.18.

Japan's economy entered a technical recession, but the Nikkei peaked for the second consecutive day. This morning (16 Feb), the index surged another 707 points or nearly 1.9% to 38,865, a 34-year high, and closed up 347 points or 0.9% at 38,505 for the midday.

Major banks and investment banks were up, with Resona Holdings, Sumitomo Mitsui, Mizuho, Mitsubishi UFJ, Nomura Holdings and Daiwa Securities rising 1.4% to 2.4%. Insurance stocks continued to advance, with Dai-ichi Life and T&D Holdings hiking 4.7% to 6.2%.

Major car stocks traded higher, with Toyota, Nissan, Honda and Mitsubishi Motors lifting between 1% and 2%.

Heavyweights and popular stocks lifted the market, with NTT, TEPCO and Sumitomo Chemical rising 2.3% to 3.3%. Conglomerate Rakuten Group spiked 6%, benefiting from a narrower operating loss in its telecoms business in the last quarter. Softbank fell 1.7%.

Semiconductor stocks were under pressure despite a rallying market, with Advantest down 1%, while Sumco, Renesas Electronics and SCREEN Holdings crumpled 3.5% to 6.8%.

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