Japan Stocks Rise After Weaker Yen Provides Boost to Exporters
Japanese stocks climb after a slump in the yen overnight provided a boost to exporters such as electronics companies.
Topix Index rose 1.3% to 2,684.27 as of 9:28 a.m. Tokyo time. Nikkei 225 advanced 1.8% to 38,535.70.
Hitachi Ltd. contributed the most to the Topix Index gain, increasing 3.9%. Out of 2,129 stocks in the index, 1,547 rose and 445 fell, while 137 were unchanged.
Japan's currency weakened as much as 1.1% to 144.84 per dollar overnight, before trading little changed at 144.57 as of 9:30am in Tokyo.
"The pressure for a stronger yen has eased, and this is having a considerable impact on investor sentiment," said Takashi Ito, a senior strategist at Nomura Securities Co.
27 of the 33 sector indexes on the Tokyo Stock Exchange advanced; Tokyo Stock Exchange TOPIX Metal Products Index was the best performer, while Tokyo Stock Exchange TOPIX Rubber Products Index fell the most.
The MSCI AC Asia Pacific Index was up 0.5%.
Topix Index is up 13% year-to-date, vs. MSCI AC Asia Pacific Index up 12%.
Source: Bloomberg
