“Japanese Stocks Hit 16-Month High on Steelmakers’ Strong Earnings | Nikkei Index Climbs 1.01% to 29,242.82 Points”

Japanese stocks rose today, Tuesday, and the Nikkei index recorded its highest closing level in 16 months, supported by the rise in shares of steelmakers, on the back of strong corporate earnings. JFE Holdings jumped 14.5 percent, its biggest gain in 14 years, after Japan’s second-biggest steelmaker expected profits to rise as auto demand recovered. Kawasaki Kisen Kaisha rose 9.3 percent after better-than-expected quarterly results and after the company raised its dividend forecast. 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 highest close since September 2021. Nippon Steel Corp. and Kobe Steel rose more than 5% each. The steel companies and wholesale trade indices recorded the best performance among the sub-indices of the Tokyo Stock Exchange. The index of air transport companies was the only loser among the sub-indices, and it fell 0.54 percent.