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Japanese stocks rise as exporters lifted by weaker yen

Japanese stocks rise as exporters lifted by weaker yen

Japanese stocks rose Wednesday as exporters were buoyed the weaker yen in trading slowed by the holiday absence of foreign investors.
The benchmark Nikkei 225 stock index added 100.95 points, or 0.65 percent, to close at 15,653.54 points on the Tokyo Stock Exchange Wednesday. The index surged 1.94 percent the day before.
Traders said they plan to closely watch Japanese economic indicators _ including consumer prices and jobless data _ due out on Friday, the last trading session of the year, for their impact on share prices.
"We will need to be careful if the market tries to digest them all in the half-day session and ends up inviting speculative trading," said Chuo Securities' stock trading chief Mamoru Maeda.
Exporters like Toyota and Canon led the gains, lifted by the dollar's strength, which makes Japanese exports less expensive and more competitive abroad, especially in the U.S., Japan's biggest market.
Toyota Motor Corp. rose 1.3 percent to 6,180 yen (US$54.14; euro37.60) and Nissan Motor Co. added 1.6 percent to 1,233 yen (US$10.80; euro7.50), helped also by strong auto production data for November.
Canon gained 1.7 percent to 5,330 yen (US$46.70; euro32.44). Hitachi Ltd. ended up 0.8 percent at 843 yen (US$7.39; euro5.13) and Matsushita Electric Industrial Co. finished up 0.4 percent at 2,335 yen (US$20.46; euro14.21) a day after the three announced a tie-up in their liquid crystal display business.
Sanyo Electric tumbled 11 percent to 167 yen (US$1.46; euro1.01) after the company's restatement of past earnings data prompted the Tokyo bourse to put its shares on a watch list for possible delisting.
The broader Topix index, which includes all shares on the exchange's first section, rose 12.44 points, or 0.83 percent, to 1,508.47. Volume on the first section fell to 1.390 billion shares, its lowest since Dec. 25 of last year.
In currencies, the dollar was trading at 114.14 yen at 2:50 p.m. (0550 GMT) Wednesday, down from 114.18 yen late Tuesday in Tokyo. In late November, the dollar fell below 108 yen.
The euro rose to US$1.4414 from US$1.4405.


Updated : 2021-05-14 07:07 GMT+08:00