The Nikkei index rose 1.01% to 29,242.82 points, the highest closing level since January 2022. The broader Topix index rose 1.27% to 2,097.55 points, its close the highest since September 2021.
Minutes of the meeting of members of the Central Bank of Japan’s Monetary Policy Council, which was held on March 9-10 and released on Monday, showed that the Japanese economy is growing despite the rise commodity prices, with members of the Monetary Policy Council expecting this to continue.
The minutes add that the improvement in the labor market and household incomes are among the main factors behind the economic recovery.
On inflation, the committee said it would continue to ease quantitative and qualitative monetary policy for as long as needed to meet the central bank’s target for inflation to be sustainable and stable at 2%.
stock market performance
JFE Holdings jumped 14.5%, its biggest gain in 14 years, after Japan’s second-largest steelmaker expected higher profits as auto demand picked up.
Kawasaki Kisen Kaisha rose 9.3% after quarterly results beat expectations and the company raised its dividend forecast.
Nippon Steel Corp and Kobe Steel rose more than 5% each.
The steel and wholesale trade indices posted the best performance among the Tokyo Stock Exchange sub indices, against a drop in the index of airline companies, which was the only loser among the sub indices. – indices, down 0.54%.
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