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Japan's Stock Market Tries to Recover

11/4/2022 1:18 PM

The leading Japanese stock index Nikkei 225 continues to correct and is trading near the level of 27156.0.

The period of publication of corporate reports continues, and the record on financial results was published by one of the leading electronics manufacturers Sony Group Corp. Thus, the company's revenue amounted to 2.751T yen, which exceeded the 2.675T yen predicted by analysts and the 2.311T yen recorded a quarter earlier. Earnings per share reached 213.44 yen, up from 176.46 yen a quarter earlier. In addition to reporting, it should also be noted the increased volume of investments in Japanese stocks by foreign investors: over the past month, the indicator rose to 337.0B yen after an outflow of 353.3B yen.

During the active phase of corporate reporting, almost the entire line of bonds corrected downwards. Thus, popular 10-year stocks are trading at a rate of 0.246%, which is slightly lower than 0.246% at the end of last month, and global 20-year ones, despite local growth, are still below their recent maximum of 1.239% at 1.172%.   

At the moment, the growth leaders are Mitsubishi Motors Corp. (+17.24%), Konica Minolta Inc. (+9.07%), Mitsubishi Heavy Industries Ltd. (+4.06%), IHI Corp. (+2.23%).

Among the leaders of the decline are Z Holdings Corp. (-14.11%), AGC Inc. (-9.33%), Nippon Suisan Kaisha Ltd. (-8.41%).

On the daily chart, the price remains within the local ascending corridor, reversing towards the support line.

Technical indicators hold the sell signal, which has begun to weaken actively: the histogram of the AO oscillator forms new descending bars, and the fast EMAs on the alligator indicator are approaching the signal line.            

Support levels: 26850.0, 25700.0. | Resistance levels: 27580.0, 28580.0.

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