Japan’s Nikkei records its highest level in two weeks ahead of US inflation data

Japan’s Nikkei rose on Tuesday, briefly crossing the 28,000-point mark for the second time this month, as investors prepare for US inflation data and the Federal Reserve’s monetary policy decision.

The Nikkei closed up 0.4 percent at 27954.85, after reaching its highest level since December 1st at 28116.56, but then trimmed its gains gradually during the morning session and settled in most of Tuesday’s mid-day trading.

The broader Topix index rose 0.43 percent to 1,965.68 points.

The US consumer price report later in the day will be closely watched, after the latest data indicated that inflation remained at a high level and dampened optimism of an imminent shift in the Federal Reserve’s current rate hike policy to rein in inflation.

Out of a total of 225 stocks on the Nikkei index, 143 rose and 71 declined, with 11 stocks stable.

Honda shares rose 1.2 percent, Toyota shares rose 0.28 percent, and Sony shares rose 1.06 percent.

(JGC Holdings) was the biggest gainer, as its share jumped 3.24 percent.