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Japan Nikkei extends gains on yen depreciation

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Headline indices of the Japan share market closed higher for seventh straight session on Wednesday, 11 September 2019, as risk sentiment bolstered on expectations for global easing measures, hopes for progress in U. S.-China trade negotiations, and on comparatively weak yen versus the dollar. At closing bell, the 225-issue Nikkei Stock Average advanced 205.66 points, or 0.96%, to 21,597.76, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 25.67 points, or 1.65%, at 1,583.66.

Total 31 sectors out of 33 sectors of Topix index inclined, with Mining, Securities & Commodities Futures, Banks, Oil & Coal Products, Nonferrous Metals, and Electric Power & Gas issues being notable gainers, while Real Estate issue was notable losers

Shares of exporters gained as comparatively weak yen versus the dollar, with Sony climbing 1.3% and Nikon rose 2.5%. Japanese component supplier Murata Manufacturing rose 2.3% and Sharp jumped 3.9%.

Carmakers were higher on the weak yen, with Nissan trading up 2.9%, Honda up 3.74% and Toyota up 2.4%.

Banks shares rallied thanks to a rise in U. S. long-term interest rates. Mitsubishi UFJ jumped 4.4% and Sumitomo Mitsui Financial was up 3.1%.

CURRENCY NEWS: The Japanese yen depreciated against greenback on Wednesday, as demand for safe haven currency reduced on expectation of stimulus measures from major economies to support ailing economic growth. The Japanese yen, often seen as a safe-haven currency in times of turmoil, traded at 107.70 against the dollar following its weakening from levels around 106.8 earlier this week.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 11 2019. 13:41 IST
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