Japan Market hits fresh three-month high

Japan share market finished session at fresh three-month high on Thursday, 04 June 2020, as investor sentiments underpinned by tracking a positive lead from Wall Street overnight and yen depreciation against greenback. At closing bell, the 225-issue Nikkei Stock Average rose 0.36%, or 81.98 points, to 22,695.74. The broader Topix index of all First Section issues on the Tokyo Stock Exchange advanced 0.3%, or 4.74 points, to 1,603.82.

Major gainers included insurance and precision instrument issues, while decliners were led by mining and marine transportation shares.

Shares of blue-chip exporters were in demand, as a softer yen boosts Japanese manufacturers profits made abroad when repatriated. Toyota Motor rose 0.9%, Sony Corp added 1.6% and Murata Manufacturing gained 2.2%.

 

Financial stocks rose, with Tokio Marine Holdings up 2.8% and Mitsubishi UFJ Financial Group (MUFG) up 1.4%.

Kawasaki Heavy Industries climbed 1.5%, following the announcement the previous day that its surgical robot venture Medicaroid will develop a system to automate polymerase chain reaction tests for the coronavirus.

NEC Corp jumped 3.8% after reports that British officials have discussed supplies of 5G networking equipment with the Japanese firm and South Korea's Samsung Electronics as part of a bid to develop alternatives to China's Huawei Technologies.

CURRENCY: The safe-haven yen weakened, with the dollar/yen hitting a fresh two-month high of 109.10 yen on Thursday and the euro/yen touching a 4-1/2-month high of 122.625 yen overnight.

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