Japan Market climbed-up on weak yen, easing Middle East concern

Japan stock market finished session significantly higher on Monday, 08 April 2024, as investors hunted for bargains after the market's sharp losses late last week and on tracking strong lead from Wall Street last Friday. Meanwhile, buying momentum accelerated as the yens depreciated in the upper 151 range against the U.S. dollar and easing concerns over the Middle East situation after Israel's withdrawal of forces from the southern Gaza Strip.

The 225-issue Nikkei Stock Average index surged 354.96 points, or 0.91%, to finish at 39,347.04. The broader Topix index of all First Section issues on the Tokyo Stock Exchange spurted 25.70 points, 0.95%, to 2,728.32.

Total 21 of 33 TSE sectors closed higher, with Transportation Equipment being top performer, up 1.98%, followed by Securities & Commodities Futures (up 1.93%), Oil & Coal Products (up 1.9%), Banks (up 1.31%), and Real Estate (up 1.31%) sectors, while Mining was bottom performer (down 0.42%).

Among blue chip shares, chip-making equipment giant Tokyo Electron rose 1.1% and AI-focused startup investor SoftBank Group advanced 0.7%. Toyota Motor was up 2.2%, along with fellow automakers Suzuki Motor and Honda Motor, gaining 3.5% and 1.5%.

CURRENCY NEWS: Japanese yen moved in the upper 151 range against greenback. At 5 p.m., the dollar fetched 151.87-88 yen compared to 151.33-35 yen in Tokyo at 5 p.m. Friday.

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