Japan Market rises 0.7%

Japan share market finished session higher on Thursday, 16 February 2023, as investors chased for bottom fishing on following the broadly positive cues from Wall Street overnight and the yen's weakness against the U.S. dollar. Traders also cheered a 1.6% month-over-month growth in Japan's core machinery orders in December 2022, after an 8.3% drop in the preceding month.

The 225-issue Nikkei Stock Average index advanced 194.58 points, or 0.71%, to finish at 27,696.44. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 13.35 points, or 0.67%, to 2,001.09.

Total 28 of 33 TSE sectors were up, with Transportation Equipment, Rubber Products, Securities & Commodities Futures, and Marine Transportation issues being notable gainers, while Pulp & Paper and Banks issues were notable losers.

Shares of export-related companies advanced, thanks to yen depreciation to six-week low against greenback. A softer yen tends to help exporter shares as it increases the value of overseas profits in yen terms when firms repatriate them to Japan. Motor rose 2.1% and Honda Motor added 1.16%. Chip-making equipment maker Tokyo Electron rose 0.9% and chip-testing equipment maker Advantest climbed 1%.

Tyre makers jumped, with Bridgestone rising 1.67%. Sumitomo Rubber Industries and Yokohama Rubber advanced 3.81% and 1.85%, respectively.

CURRENCY NEWS: Japanese yen was trading around upper 133 level against greenback. The dollar stood at 133.88 yen in late Tokyo trading Thursday, down 0.2% from 134.11 on Wednesday, after trading in the range of 133.60-134.18.

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