Tokyo's Nikkei Extends Winning Streak To 8th Day 26 September 2018
Fakhir Rizvi Published September 26, 2018 | 01:55 PM
Tokyo's benchmark Nikkei index extended its winning streak to an eighth consecutive session on Wednesday as a weak yen and higher Chinese stocks buoyed investor sentiment
Tokyo, (UrduPoint / Pakistan Point News - 26th Sep, 2018 ) :Tokyo's benchmark Nikkei index extended its winning streak to an eighth consecutive session on Wednesday as a weak Yen and higher Chinese stocks buoyed investor sentiment.
The bellwether Nikkei 225 rose 0.39 percent or 93.53 points to 24,033.79, closing above 24,000 for the first time in eight months. The broader Topix index inched down 0.04 percent or 0.77 points to 1,821.67.
"The market got support from the yen's drop and higher Chinese stocks," Okasan Online Securities chief strategist Yoshihiro Ito said in a note.
A weak yen is positive for Japanese exporters as it makes their products more competitive in overseas markets and also inflates profits when repatriated.
Shanghai and Hong Kong stocks were both higher on Wednesday, offering relief to investors amid the US-China trade row.
The Dollar held firm, trading at 112.89 yen against 112.96 yen in New York on Tuesday afternoon and little moved by US-Japan ministerial-level talks on trade.
After an hour of talks in New York, Japan's chief negotiator Toshimitsu Motegi said Tokyo and Washington "basically shared the view on a framework and steps for boosting bilateral trade", according to Jiji Press.
Investors were now waiting for Japanese Prime Minister Shinzo Abe's meeting with US President Donald Trump later Wednesday.
In Tokyo stocks trade, heavyweight issues helped shore up the Nikkei.
IT investor SoftBank Group rose 1.28 percent to 11,065 yen and Uniqlo clothing chain operator Fast Retailing climbed 1.62 percent to 56,280 yen.
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