Japan: Nikkei surges on factory output data, yen depreciation

Japan share market finished session higher on Tuesday, 28 December 2021, as risk sentiments lifted up by better than expected domestic factory output data in November and yen depreciation to one-month low against greenback.

At closing bell, the 225-issue Nikkei Stock Average advanced 392.70 points, or 1.37%, to 29,069.16. The broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 27.12 points, or 1.37%, to 2,005.02.

Stocks associated with export-oriented issues performed strongly after the U.S. dollar climbed to a nearly one-month high against the yen. Kyocera climbed 1.4% and Fujitsu General grew 1.7%. Tokyo Electron added 1.8%, while Advantest gained 0.9%.

Shares of Kewpie rose 2.6% after the food product manufacturer revised upward its earnings forecast on Monday for the business year through November 2021 from its previous estimate in July.

ECONOMIC NEWS: Japan Industrial Production Climbs 7.2% On Month In November- Japan industrial production climbed a seasonally adjusted 7.2% on month in November, the Ministry of Economy, Trade and Industry said on Tuesday, up from the 1.8% gain in October. On a yearly basis, industrial production improved 5.4% following the 4.1% contraction in the previous month. Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it now showing signs of an upward movement.

Japan Unemployment Rate Rises To 2.8% In November- Japan unemployment rate came in at a seasonally adjusted 2.8% in November, the Ministry of Internal Affairs and Communications said on Tuesday. The jobs-to-applications ratio was 1.15, unchanged from the previous month. The participation rate was 62.0.

CURRENCY NEWS: The Japanese yen traded at 114.84 per dollar, following yesterday's weakening from levels below 114.5 against the greenback.

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