Japan’s Nikkei Compensates For Its Losses

The Nikkei index reversed course to close higher on Monday as investors snapped up cheaper stocks after a rally in US stock futures, but the rally was limited by caution ahead of the US Federal Reserve’s policy meeting this week.

The Nikkei rose 0.24 percent to 27,588.37 points. Earlier, the index fell 1.2 percent after the Standard & Poor’s and Nasdaq indexes recorded their biggest declines since March 2020.

The broader Topix index rose 0.14 percent to 1929.87 points.

Tokyo Electron, which produces chip-making equipment, rose 1.62 percent, and clothing store owner Uniqlo’s Fast Retailer rose 1.17 percent, leading the Nikkei’s gains.

Camera maker Canon rose 2.02 percent after news that its annual net profit would jump 20 percent.

Oil companies’ shares rose as its prices rose, with Inpex shares increasing by 4.57 percent.