Tokyo Shares Up, Fujitsu Soars On Lenovo Merger Report

TOKYO, (UrduPoint / Pakistan Point News - 06th Oct, 2016 ) - Tokyo shares rose Thursday morning as a weaker Yen boosted exporters while Fujitsu soared on a report it is considering a merger of its money-losing PC unit with China's lenovo.

Japanese markets rose at the start after a rally on Wall Street, where shares were boosted by an unexpectedly strong reading on activity in the crucial services sector. The upbeat figures boosted the Dollar against the yen, a plus for Japanese shares.

By the break, Tokyo's benchmark Nikkei 225 index gained 0.57 percent, or 96.70 points, to sit at 16,915.94, while the broader Topix index of all first-section shares was up 0.

58 percent, or 7.80 points, at 1,355.61.

Investors viewed the strong services sector data Wednesday as more evidence for the Federal Reserve showing the economy is back on track and able to deal with an interest rate hike this year. The dollar has rallied this week on growing expectations for a hike and it was trading at 103.44 yen Thursday, slightly down from New York but well up from the 102 yen levels in Asia earlier Wednesday.

"The US economy has been recovering even after it went ahead with a rate hike last December," said Mitsushige Akino, an executive officer at Ichiyoshi Investment Management.