Tokyo Stocks Close Up More Than 1.8% 15th Oct, 2021

Tokyo stocks jumped more than 1.8 percent Friday thanks to a weak yen and US rallies, with focus shifting to corporate earnings and Japan's upcoming general election

Tokyo, (UrduPoint / Pakistan Point News - 15th Oct, 2021 ) :Tokyo stocks jumped more than 1.8 percent Friday thanks to a weak Yen and US rallies, with focus shifting to corporate earnings and Japan's upcoming general election.

The benchmark Nikkei 225 index rose 1.81 percent, or 517.70 points, to 29,068.63. Over the week, it gained 3.6 percent.

The broader Topix index advanced 1.86 percent, or 36.96 points, to 2,023.93, and added 3.2 percent from a week before.

"Rallies in US shares are one of the factors behind today's gain," said Daiwa Securities chief technical analyst Eiji Kinouchi.

"A weak yen is also supporting exporters," Kinouchi told AFP.

The Dollar fetched 114.07 yen in Asian afternoon trade, up from 113.67 yen in New York late Thursday.

A cheaper yen is good for Japanese exporters as it makes their products more competitive abroad while inflating profits when repatriated.

Investor focus is moving towards earnings reports and the October 31 election, as well as fresh pandemic stimulus promised by new Prime Minister Fumio Kishida, Okasan Online Securities said.

In Tokyo, Sony jumped 2.66 percent to 12,890 yen after Taiwan's TSMC, the world's largest contract microchip maker, unveiled plans to build a plant in Japan with reports saying Sony would be a partner in the project.

Exporters, including automakers, gained ground. Nissan rose 1.27 percent to 587.8 yen with Toyota up 0.40 percent at 1,993.5 yen.

Fast Retailing, the operator of casual wear giant Uniqlo, lost 0.12 percent to 72,780 yen after it reported a record annual net profit and predicted an even better performance this year, but with its operating profit forecast missing market expectations.