FX.co ★ Japanese Shares Track Wall Street Higher

The Nikkei 225 Index advanced by 1.3%, surpassing the 49,200 mark, while the Topix Index similarly increased by 1.3% to reach 3,335. This upward trend on Wednesday mirrored the positive movements in Wall Street, as market participants heightened their expectations for a potential rate cut by the US Federal Reserve next month. These anticipations were bolstered by recent US data indicating a slowdown in consumer spending, alongside reports suggesting that Kevin Hassett, Director of the White House National Economic Council, is a leading candidate for the Fed chair position. The technology sector spearheaded the uptick, with significant gains from firms such as Advantest, Fujikura, Tokyo Electron, SoftBank Group, and Disco Corp, with increases ranging from 0.5% to 2.9%. Additionally, investors were assessing the potential trajectory of the Bank of Japan's monetary policy, amid speculation that the central bank might opt for a rate hike next month, bolstered by a weak yen and a robust economic environment.