Roundup: Tokyo stocks finish high on weaker yen

0 Comment(s)Print E-mail Xinhua, November 11, 2021
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TOKYO, Nov. 11 (Xinhua) -- Tokyo stocks finished high on Thursday since exporters attracted buying with a weakening of the Japanese yen against the U.S. dollar.

The 225-issue Nikkei Stock Average closed 171.08 points, or 0.59 percent, higher from Wednesday, at 29,277.86.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange ended 6.34 points, or 0.32 percent, higher at 2,014.30.

Trading volume on the main section increased to 1,190.30 million shares from Wednesday's 1,153.29 million shares.

By the close of play, nonferrous metal, wholesale trade, and precision instrument sectors headed the increase. However, declining issues outnumbered advancing ones 1,233 to 860 on the First Section, while 90 finished unchanged.

The U.S. dollar against the Japanese yen held firm at the 114 yen line during Tokyo trading after U.S. October's consumer prices recorded the biggest inflationary surge in nearly 31 years, fueling expectations that the interest rate gap between the United States and Japan would widen, dealers said.

Tokyo stocks opened low at the outset but quickly moved to positive territory, with the Nikkei index briefly jumping over 200 points on a weaker yen that benefits exporters' earnings when repatriated from overseas.

Among major exporter issues, Toyota Motor, a leading Japanese automaker, increased by 1.2 percent, and Sharp Corp., which engages in the manufacture and sale of electronic components and consumer electronic products, gained 1.1 percent.

That market investors scooped up companies releasing positive earnings and bright outlooks was also a reason for Thursday's gain.

Toppan Printing surged 8.1 percent after the company raised its net profit forecast for the business year through next March. Enditem

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