Tokyo Stocks Jump By Break After Upbeat US Jobs Data

Tokyo stocks jump by break after upbeat US jobs data

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."