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Tokyo: Stocks up, exporters lifted by weak yen, Stocks

[TOKYO] Tokyo stocks rose Monday, 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.

“As the market went through major news events last week and the remaining French election ended smoothly, investors are regaining buying momentum,” said Toshikazu Horiuchi, a broker at Tokyo’s IwaiCosmo Securities, told AFP.

“The yen’s weakness also brightened investors’ sentiment,” Mr Horiuchi said.

The benchmark Nikkei 225 index gained 0.62 per cent, or 124.49 points, to 20,067.75, while the Topix index of all first-section issues was up 0.63 per cent, or 10.03 points, at 1,606.07.

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 111.05 yen from 110.89 yen in New York late Friday.

Industrial robot maker Fanuc rose 1.26 per cent to 21,560 yen while games giant Nintendo jumped 2.55 per cent to 36,960 yen.

Among other exporters Sony surged 3.69 per cent to 4,290 yen and Canon was up 0.99 percent at 3,947 yen.

But shares in troubled airbag maker Takata dived 16.5 percent to 404 yen in response to news reports that the troubled airbag maker is planning to file for bankruptcy.

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 2.85 per cent to 204 yen.

AFP


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