Japan shares extend gains as weak yen boosts autos, energy stocks rally
TOKYO: Japanese equities pushed to new highs on Wednesday, with the weakest yen rate since November boosting exporters such as automakers, while energy shares outperformed amid a surge in crude oil prices. The Nikkei 225 share average gained 0.68% to 33,262.48 as of the midday recess, on track for its highest close since early August. The broader Topix added 0.65% to 2,393.34, which would be the highest finish in 33 years. Both indexes are set to extend winning streaks to an eighth straight session. That would be the longest run since mid-May for the Nikkei and since mid-April for the Topix. “Dollar-yen continues to climb and is making the whole export sector in Japan more competitive,” said Tony Sycamore, a market analyst at IG, predicting a possible rise to 35,000 for the Nikkei this year. “I don’t really see anything at this time to unsettle the dollar-yen or the Nikkei. They both look extremely robust.“ Transport equipment makers jumped 1.16% as the yen’s slide to 147.82 per dollar boosted the value of overseas revenues. Honda advanced 1.95%, Toyota gained 1.33% and Mazda surged 3.58%. Inpex was the Nikkei’s top-performing energy stock, gaining 2.11% after crude topped $90 per barrel for the first time since November as Saudi Arabia and Russia extended voluntary supply cuts to the end of the year. Oil and coal was among the best-performing of the Tokyo Stock Exchange’s 33 industry groups, rallying 1.15%. Miners also outperformed, gaining 1.54%. Securities firms, insurers and banks gained 1.54%, 1.07% and 0.99%, respectively, as a rise in long-term bond yields improved the environment for investing. Chip-related stocks also stood out, with Advantest advancing 2.7% and Tokyo Electron adding 0.9%.
Karobar
TOKYO: Japanese equities pushed to new highs on Wednesday, with the weakest yen rate since November boosting exporters such as automakers, while energy shares outperformed amid a surge in crude oil prices.
The Nikkei 225 share average gained 0.68% to 33,262.48 as of the midday recess, on track for its highest close since early August.
The broader Topix added 0.65% to 2,393.34, which would be the highest finish in 33 years.
Both indexes are set to extend winning streaks to an eighth straight session.
That would be the longest run since mid-May for the Nikkei and since mid-April for the Topix.
“Dollar-yen continues to climb and is making the whole export sector in Japan more competitive,” said Tony Sycamore, a market analyst at IG, predicting a possible rise to 35,000 for the Nikkei this year.
“I don’t really see anything at this time to unsettle the dollar-yen or the Nikkei.
They both look extremely robust.“ Transport equipment makers jumped 1.16% as the yen’s slide to 147.82 per dollar boosted the value of overseas revenues.
Honda advanced 1.95%, Toyota gained 1.33% and Mazda surged 3.58%.
Inpex was the Nikkei’s top-performing energy stock, gaining 2.11% after crude topped $90 per barrel for the first time since November as Saudi Arabia and Russia extended voluntary supply cuts to the end of the year.
Oil and coal was among the best-performing of the Tokyo Stock Exchange’s 33 industry groups, rallying 1.15%. Miners also outperformed, gaining 1.54%.
Securities firms, insurers and banks gained 1.54%, 1.07% and 0.99%, respectively, as a rise in long-term bond yields improved the environment for investing.
Chip-related stocks also stood out, with Advantest advancing 2.7% and Tokyo Electron adding 0.9%.
