Japan: Stocks rebound on weaker yen

Japan share market finished session higher on Tuesday, 09 March 2021, as investors sentiment brightened by the dollar's appreciation to nine-month highs above 109 yen and economic recovery hopes. Gainers were led by real estate, electric power and gas, and transportation equipment issues.

At closing bell, the 225-issue Nikkei Stock Average rose 284.69 points, or 0.99%, to 29,027.94. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 24.10 points, or 1.27%, to 1,917.68.

Market participants appetite for risk assets underpinned as the greenback rising above the 109 yen line for the first time in about nine months on expectations for a U.S. economic recovery following the Senate's passage of a massive additional stimulus package

 

Exporters rose as a weaker yen inflates their earnings when repatriated from overseas. Nissan Motor climbed 3.5% to 614.80 yen and Subaru surged 4.7% to 2,169.00 yen. Canon gained 1.9% to 2,392.50 yen and Fujitsu advanced 2.4% to 15,205 yen.

Shares of Yakult Honsha soared 3.65%, after the lactic beverage-maker said that it has formed an alliance with 14 other firms over carbon-neutral liquefied natural gas.

Bucking the upward trend, Panasonic plunged 6.6% to 1,329.50 yen, after it was reported it is considering buying U.S. software firm Blue Yonder Group Inc. in a deal that could be worth several hundred billion yen.

CURRENCY NEWS: The U.S. dollar stayed firm around the lower-109 yen zone, on expectations for a U.S. economic recovery following the Senate's passage of a massive additional stimulus package. The Japanese yen changed hands at 109.09 per dollar, weakening from an earlier level around 108.85

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