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Japanese stocks advance as investors are bullish about upcoming earnings season

Japanese stocks advance as investors are bullish about upcoming earnings season

Japanese stocks rose Monday, led by gains in steelmakers and real estate developers as investors took an optimistic view of the upcoming earnings season.
The benchmark Nikkei 225 index added 113.74 points, or 0.66 percent, to finish at 17,424.18 points on the Tokyo Stock Exchange. The index fell 60.49 points, or 0.35 percent, Friday.
Traders bought issues sensitive to domestic demand such as steelmakers, real estate developers and securities companies, on hopes for upward fiscal year profit outlook revisions in these sectors, traders said. Major companies will start reporting earnings for the October-December quarter later this week and early next week.
"We are coming to a transition from a recovery market to a bullish market," said Nobuyuki Nagamori, general manager for investment information at Unimat Yamamaru Securities.
Exporters like autos also advanced on the back of the weaker yen, which inflates exporters' overseas earnings.
Advancers included steelmaker JFE Holdings Inc., which rose 3.67 percent to 6,220 yen (US$51.40), real estate developer Mitsui Fudosan Co., which added 1.96 percent to 3,120 yen (US$25.79).
Among autos, Nissan Motor Co. climbed 2.24 percent to 1,507 yen (US$12.45). Mitsubishi UFJ Financial Group Inc. rose 2.65 percent to 1.55 million yen (US$12,809.92) and consumer finance company Acom Co. gained 0.42 percent to 4,770 yen (US$39.42).
The broader Topix, which includes all shares on the exchange's first section, rose 16.12 points, or 0.94 percent, to 1,730.33 points. The Topix lost 0.96 point, or 0.06 percent, Friday.
In currencies, the dollar was trading at 121.38 yen at 2:50 p.m. (0550 GMT) Monday, up from 121.29 yen late Friday in New York. The euro rose to US$1.2968 from US$1.2965.


Updated : 2021-10-16 11:19 GMT+08:00