Japan To Open Higher As Asian Markets Remain Closed for Good Friday

By Rafael Matsunaga (Flickr) via Wikimedia Commons

Today, the Japanese market is set to open higher for the last trading day of the quarter, following a rally in the stocks of the United States.

In Chicago, Osaka futures traded at 21,450 while Nikkei futures were at 21,510. in the previous session, the benchmark index closed at 21,159.08.

On Friday morning the Japanese yen was able to trade at 106.48 against the dollar, a weakening from the levels below 105.0 that were recorded last week.

Japan is also set to publish a series of economic data, including unemployment rate, household spending, and industrial production figures.

Elsewhere, the dollar index last traded at 90.151. The said index measures the greenback against a basket of currencies.

Concerns regarding a trade war between China and the United States seemed to ease during the week, and some analysts said that they are confident that the two countries will arrange a deal.

Last week, Beijing said that it might target 128 products from the United States that has an import value of approximately $3 billion as a response to the broad steel and aluminum import duties of US President Donald Trump.

Trump had also announced plans to impose tariffs for up to $60 billion in imports from China, even though China did not officially link its threats of retaliation to that of the action from the White House.

In a recent note, head of investment strategy and chief economist at AMP Capital, Shane Oliver, wrote: “The initial market response to President Trump’s proposed tariffs on China was an overreaction.”

He stated: “Our view remains that China and the U.S. will reach a negotiated solution both in terms of trade and investment restrictions such that the tariffs and restrictions will ultimately be very modest, if at all.” He added that it might take time to be resolved.

He continued: “So market nervousness around this issue will linger for a while.”

Most markets in the region, including in Singapore, Australia, Indonesia, and India are closed for the Good Friday public holiday.