Japan's Nikkei struggles for direction as investors await US CPI data

Business Recorder reported that Japan's Nikkei share average traded roughly flat on Wednesday, with the index last 0.06 per cent higher at 67,011.66 as of 0202 GMT. The benchmark moved between a gain of 0.26 per cent and a loss of 0.35 per cent during the session. The broader Topix edged up 0.43 per cent to 4,118.18.

Traders were cautious ahead of the US Consumer Price Index release later that day, which is seen as a guide to the Federal Reserve's interest rate direction. Nomura Securities strategist Wataru Akiyama said buyers were hesitant to commit aggressively while markets weighed whether the Fed could move its rate hikes earlier. Geopolitical worries added to the unease, with the US and the Iran-aligned Houthis of Yemen reporting separate attacks on shipping on Tuesday, and Iran's top security official saying the Strait of Hormuz would stay shut unless Washington meets Tehran's conditions.

Japan's mining sub-index rose 2.75 per cent, the strongest gain among the Tokyo Stock Exchange's 33 industry groups, as oil prices edged higher with Brent and West Texas Intermediate trading around $80 a barrel. Among the index's components, M3 rose 9.88 per cent and Yokohama Rubber gained 8.39 per cent, while Rakuten Group fell 11.62 per cent and Sumitomo Metal Mining slipped 4.29 per cent. Breadth favoured gainers, with 122 advancers against 100 decliners and three unchanged.