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Tokyo stocks up at break, exporters lifted by weak yen

TOKYO: Tokyo stocks rose Monday morning, tracking a record close for the Dow on Wall Street, with exporters boosted by a weaker yen as data showed Japan saw a surprise trade deficit in May.

The benchmark Nikkei 225 index gained 0.60 percent, or 118.93 points, to 20,062.19 by the break while the Topix index of all first-section issues was up 0.61 percent, or 9.69 points, at 1,605.73.

Japan logged a surprise deficit of 203 billion yen last month, confounding expectations that the world’s third largest economy would see a surplus, with exports overshadowed by rising import costs caused by a weak yen.

The dollar edged up to 111.02 yen from 110.89 yen in New York late Friday.

Industrial robot maker Fanuc rose 1.31 percent to 21,570 yen while games giant Nintendo rose 2.13 percent to 36,810 yen.

Among other exporters Sony surged 2.76 percent to 4,251 yen and Canon was up 0.95 percent at 3,945 yen.

But shares in troubled airbag maker Takata were untraded owing to a flood of sell orders after a report in the Nikkei business daily said it was close to filing for bankruptcy protection.

Trading in the firm was suspended Friday but that was lifted after the firm said late Friday that no decision had been made but “all options” are on the table.

NYK Line, the operator of a cargo ship that collided with a US navy destroyer killing seven sailors, sank 2.38 percent to 205 yen.

Nomura Real Estate tumbled 13.48 percent to 2,117 yen after Japan Post abandoned plans to purchase it.

Copyright AFP (Agence France-Press), 2017

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