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Tokyo stocks close higher helped by cheaper yen

Sep 10 2019 10:47

Tokyo stocks closed higher on Tuesday helped by a cheaper yen against the dollar, as worries over a no-deal Brexit and the US-China trade war receded.

The benchmark Nikkei 225 index ended up 0.35% at 21 392.10 while the broader Topix index was up 0.44% at 1 557.99 at the close.

The dollar fetched ¥107.37 in Asian trade, against ¥107.23 in New York and ¥106.89 in Tokyo on Monday.

"Resumption of US-China trade talks and rallies in US 10-year bond yields are helping the dollar edge up against the yen," Rikiya Takebe, senior strategist at Okasan Online Securities, said in a commentary.

Strong British GDP data and MPs blocking a hard Brexit from the European Union without a deal are supporting the pound and helping create a cheaper yen, he added.

The cheaper yen supported Japanese shares but profit-taking sales later weighed on the market, analysts said.

In Tokyo, steel makers were among winners, with JFE jumping 4.25% to ¥1 335.5 and Nippon Steel gaining 2.62% to ¥1 542.5.

Nissan rallied 3.71% to ¥697.5 after its chief executive said he will step down following the revelation he received more pay than he was entitled to.

Its rival Honda was also higher, ending up 2.34% at ¥2 791, while Toyota was up 1.28% at ¥7 183.

equities  |  markets  |  tokyo stocks


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