Tokyo Stocks Jump By Break After Upbeat US Jobs Data
Faizan Hashmi Published August 08, 2016 | 11:26 AM
TOKYO,(UrduPoint / Pakistan Point News - 8th Augst,2016) - Tokyo stocks rallied Monday morning as better-than-expected US jobs data lifted sentiment and weakened the yen, giving a boost to exporters including Toyota and rival automaker Nissan. On Friday, Wall Street powered to fresh records as the US Labor Department said the world's top economy added 255,000 jobs in July, easily topping analyst forecasts for an increase of 185,000. The strong report boosted the odds of a US Federal Reserve interest rate hike by the end of this year, analysts said, and lifted the Dollar against other major currencies including the yen, which is a plus for Japanese shares.
In forex trading, the greenback rose to 102.07 Yen from 101.79 yen in New York and 101.08 yen in Tokyo earlier Friday. A weaker yen bolsters the overseas profitability of Japan's exporters, and tends to boost demand for their shares. "A possible pullback in US jobs figures had kept some on guard, and the latest data have quenched those concerns," Hitoshi Asaoka, a senior strategist with Mizuho Trust & Banking, told Bloomberg news. "It does leave room for a rate increase within this year, but that will be offset by the impact on the yen, which will in turn support Japanese stocks."
Related Topics
Recent Stories
Over 37% Tobacco tax increase suggested to save lives, boost revenue
Mohsin Naqvi has offered a substantial incentive, pledging $100,000 to every pla ..
Citizens join Al Barsha Police in “An Hour for Dubai” Initiative
Art can be a powerful tool to relieve stress, Experts say at Sharjah Children’ ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
Today Gold Rate in Pakistan 05 May 2024
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
More Stories From Business
-
Saudi trade delegation arrives in Pakistan for investment cooperation
36 minutes ago -
Saudi trade delegation arrives Pakistan for mutual investment cooperation
3 hours ago -
FPCCI urges urgent action amidst Pakistan’s economic situation
3 hours ago -
Over 37% Tobacco tax increase suggested to save lives, boost revenue
4 hours ago -
Pak-Saudi investment conference to be held on Monday
5 hours ago -
NPO launches program for development of gemstone sector
8 hours ago
-
PFC to take part in Riyadh Intel. expo
9 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
14 hours ago -
Today Gold Rate in Pakistan 05 May 2024
14 hours ago -
CRD survey unveils 18% Pakistanis quit smoking
1 day ago -
NTUF granted patent for Innovative Multilayered Natural Fiber Composite Helmet
1 day ago -
New industrial policy to be announced soon: Rana Tanveer
1 day ago