Nikkei rises on weak yen

Dhaka,  Sun,  24 September 2017
Published : 10 Mar 2017, 12:37:08

Nikkei rises to one-week high 

Nikkei rises on weak yen
Japan's Nikkei share average rose to a one-week high on Friday as exporters benefited from the dollar hitting six-week highs against the yen.

The investors awaited US jobs data later in the day to provide further evidence that US interest rates are likey to rise.

The Nikkei added 1.3 per cent to 19,575.34 at the midday break after hitting as high as 19,582.75, the highest level since March 3. For the week, the benchmark index has risen 1.3 per cent so far.

Nikkei futures and options contracts expiring in March were forecast to settle at 19,434.30, market participants said on Friday, citing estimates by brokerages.

The dollar was up 0.3 per cent at 115.24 yen, firming to its highest levels since Jan. 27, lifting exporter shares. 

Toyota Motor Corp gained 1.1 per cent, Panasonic Corp added 1.3 per cent and Tokyo Electron Ltd surged 2.0 per cent.

Financial stocks also staged a rally, with Dai-ichi Life Holdings rising 2.4 per cent, MS&AD Insurance jumping 2.4 per cent and Sumitomo Mitsui Financial Group up 1.2 per cent after US yields rose.

The benchmark 10-year Treasury yield was up 4 basis points at 2.594 per cent after touching 2.607 per cent, which was the highest since Dec. 16.

The broader Topix was up 1.1 per cent to 1,571.68 and the JPX-Nikkei Index 400 advanced 1.1 per cent to 14,067.92, according to Reuters.
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