Tokyo Stocks End Higher Amid Weaker Yen

Mohammad Ali (@ChaudhryMAli88) Published March 27, 2024 | 06:50 PM

Tokyo stocks rebounded on Wednesday, closing higher amid the Japanese yen's depreciation against the U.S. dollar while investors bought to earn dividends

TOKYO, (UrduPoint / Pakistan Point News - 27th Mar, 2024) Tokyo stocks rebounded on Wednesday, closing higher amid the Japanese yen's depreciation against the U.S. dollar while investors bought to earn dividends.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended up 364.70 points, or 0.90 percent, from Tuesday to close the day at 40,762.73.

The broader Topix index, meanwhile, finished 18.48 points, or 0.66 percent, higher at 2,799.28.

Market watchers here noted that the yen was sold on expectations the Bank of Japan will maintain its accommodative stance despite raising interest rates, and further depreciation of the currency lifted shares of exporters.

On the forex market on Wednesday, the Japanese yen briefly fell to a 34-year low by sinking to 151.97 against the U.S. dollar, a week after the central bank decided to end its negative interest rates.

Japanese Finance Minister Shunichi Suzuki said that the country will respond to excessive weakness in the yen.

On the Prime Market, gainers were led by issues in the real estate and insurance sectors.