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Japan Nikkei extends gain on Tuesday

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Japan share market finished session modestly higher on Tuesday, 11 June 2024, extending yesterdays gains, on tracking positive lead from Wall Street overnight and yen depreciation against greenback, with gains in semiconductor-related shares leading gains.
However, market gains capped as a wait-and-see mood prevailed ahead of meetings later in the week of the U.S. and Japanese central banks
At closing bell, the 225-issue Nikkei Stock Average index advanced 96.63 points, or 0.25%, to 39,134.79. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 27.46 points, 1%, to 2,782.49.
Shares of chip-related issues advanced on tracking their Wall Street peers higher and as yen depreciated to in the lower 157 range against greenback. A weaker Japanese currency helps exporters as it inflates their repatriated profits. Tokyo Electron and Advantest climbed 2.2% and 1.6%, respectively.
Energy-related shares also advanced after crude oil futures contract for July ended Monday up almost 3% on expectations of solid global oil demand.
Daiwa Securities Group slipped 4.6% after the company announced the purchase of additional Aozora Bank shares on Tuesday. Aozora Bank gained 1.1%.
ECONOMIC NEWS: Japan M2 Money Stock Adds 1.9% On Year In May- The M2 money stock in Japan was up 1.9% on year in May, the Bank of Japan said on Tuesday - coming in at 1,259.0 trillion yen. That follows the 2.2% annual increase in April. The M3 money stock was up 1.3% on year in May, standing at 1,611.3 trillion yen - easing from 1.6% in the previous month. The L money stock rose 3.3% on year at 2,182.8 trillion yen, accelerating from 2.7% a month earlier.
CURRENCY NEWS: Japanese yen depreciated to lower 157 level against greenback on Monday. The dollar stood at 157.30 yen on Tuesday, up from 157.09 yen in New York and 157.01 yen in Tokyo on Monday.
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First Published: Jun 11 2024 | 4:00 PM IST

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