Japan Nikkei surges 0.77%

Headline indices of the Japan share market closed higher on Friday, 15 March 2019, helped by signs of progress in US-China trade negotiations, the British Parliament's overnight vote on a delay to its planned departure from the European Union, with a weaker yen further adding support. Total 31 subsectors of the 33 subsectors of the Tokyo Stock Exchange inclined, with shares in Mining, Textiles & Apparels, Pharmaceutical, Banks, Fishery, Agriculture & Forestry, Other Financial Business, and Oil & Coal Products issues being notable gainers. At closing bell, the 225-issue Nikkei Stock Average added 163.83 points, or 0.77%, at 21,450.85. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 14.35 points, or 0.9%, at 1,602.63.

Shares of companies with large exposure to China soared on Beijing's commitment to boosting economic growth. Fanuc Corp rose 1.4%, while Komatsu Ltd gained 1.8% and Yaskawa Electric Corp jumped 4.2%. Descente soared 2.7% after reports that trading house Itochu Corp had raised its stake in the sportswear maker to 40% from about 30%.

 

CURRENCY NEWS: The yen was steady against greenback as the Bank of Japan cut its economic outlook while maintaining its policy stance. The Bank of Japan attributed its cut to the growth outlook largely due to overseas developments.

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