Tokyo Stocks End Higher On Weaker Yen

Tokyo stocks reversed earlier losses to end higher on Thursday as a weaker yen boosted exporters

Tokyo, (UrduPoint / Pakistan Point News - 11th Nov, 2021 ) :Tokyo stocks reversed earlier losses to end higher on Thursday as a weaker Yen boosted exporters.

The benchmark Nikkei 225 index marked its first gain in a week, adding 0.59 percent, or 171.08 points, to 29,277.86, while the broader Topix index added 0.32 percent, or 6.34 points, to 2,014.30.

The Dollar rose as high as 114.16 yen, well up from the 113.20 yen in New York late Wednesday after data showed US inflation soaring last month, fuelling talk the Federal Reserve could speed up its pace of policy tightening and hike interest rates next year.

"Investors took the yen's depreciation as a cue and picked up futures contracts" before buying up the Nikkei, Okasan Online Securities said.

"After confirming that the market had digested overnight falls of US shares, investors increased their buying on dips" and were also encouraged by gains in other Asian markets, Okasan said.

But the Tokyo market lacked enough incentives to raise the Nikkei above its current range, even though traders were willing to buy attractive shares, it added.

Among major shares in Tokyo, Toyota surged 1.22 percent to 2,030 yen and Sony Group rose 0.55 percent to 13,800 yen, while SoftBank Group climbed 1.85 percent to 6,675 yen.

Industrial robot maker Fanuc jumped 3.67 percent to 23,015 yen and Advantest, a maker of chip-testing tools, added 1.11 percent to 10,000 yen.

Mitsubishi UFJ Financial Group edged up 0.76 percent to 634.8 yen, Uniqlo operator Fast Retailing added 0.67 percent to 76,230 yen and construction equipment maker Komatsu was up 0.33 percent at 3,036 yen.