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NI 225 Market Update

3/2/2023 1:17 PM

The leading Japanese stock index NI 225 is still correcting and trading near the 27493.0 mark. 

Japanese stock market quotes continue to move erratically against the backdrop of the closing period of corporate reporting, as well as recent macroeconomic statistics.  Thus, data on the volume of capital investments by companies in the Japanese economy in Q4 2022 were published today: the indicator increased by 7.7%, which is inferior to the growth of 9.8% in the last quarter. The volume of purchases of foreign bonds decreased significantly and amounted to 211.6B yen against 2.698T yen earlier. The volume of foreign investments in Japanese stocks also fell significantly, demonstrating an outflow of funds by 403.04B yen after an increase of 198.1B yen earlier.

Growth in the Japanese bond market continues to be the main factor of unstable dynamics. An auction for the placement of popular 10-year securities took place this morning, and the rate rose to 0.500% from 0.485% earlier. At the same time, 20-year securities are trading at a rate of 1,232% and are adding 3.53% today compared to yesterday's data, and 30-year-old ones are growing by 4.22% and are trading at a rate of 1,421%.

At the moment, the growth leaders in the index are: Nippon Sheet Glass Co. Ltd. (+3.72%), Fast Retailing Co. Ltd. (+2.37%), JFE Holdings Inc. (+2.08%), Fujitsu Ltd. (+2.12%).

Among the leaders of decline are Chiba Bank Ltd. (-2.81%), Fuji Electric Co. Ltd. (-2.99%), Shinsei Bank Ltd. (-2.34%).

On the daily chart, the price continues to remain within the global triangle pattern, reaching the resistance line and reversing downwards.

Technical indicators are still holding the buy signal, which has already weakened significantly: the AO histogram forms new descending bars, and the fast EMAs on the alligator indicator are approaching the signal line.            

Support levels: 27150.0, 26500.0. | Resistance levels: 27700.0, 28350.0.

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