Japan’s Nikkei halts 5 sessions of decline

Japan’s Nikkei index halted a five-session decline on Thursday, boosted by gains in drug and technology makers, as investors awaited the Federal Reserve’s Jackson Hole conference for any clues on the pace of interest rate hikes.

The Nikkei index rose 0.58 percent to 28,479.01 points, and the broader Topix index gained 0.48 percent to 1976.60 points.

“Investors are betting that the market will rebound after this big event ends even if comments about monetary tightening come out of the Fed meeting,” said Ikko Mitsui, fund manager at Aizawa Securities.

“But they also realize that inflation in the United States will continue and it will take time to control it, so the market may calm down next month,” he added.

Daiichi Sankyo Pharmaceutical Co. jumped 4.6 percent and provided the biggest boost to the Nikkei, followed by Tokyo Electron Chip Equipment Co., which also jumped 1.22%, and Daikin Industries, which rose 1.59 percent.

Mitsubishi shares rose 1.57 percent after it said it had decided to bid for a stake in the new Russian entity that acquired the Sakhalin 2 liquefied natural gas project.

Shares of Tokyo Electric Power Holding Co., the operator of nuclear power plants, gave up early gains and fell 0.36 percent. The stock has risen about 9 percent this week amid expectations of restarting nuclear plants.