Japanese stocks hit three month high

Japanese stocks surged today as firm cues from overnight US markets kept sentiments supported. Japanese stocks rose for a fourth consecutive session as technology stocks stayed well supported. The benchmark Nikkei average soared 1.26 percent to 40,580.76 while the broader Topix index settled 0.54 percent higher at 2,872.18. Meanwhile, Japanese Yen stayed near 38-year lows against the US dollar. Nikkei is around three month high right now. Gains were driven by Taiyo Yuden (up 7.14%), Dainippon (up 6.82%) and Mitsubishi (up 6.48%). Sentiments have been positive for Japanese stocks recently amid weak Yen and firm US equities. Industrial production in Japan was up a seasonally adjusted 2.8 percent on month in May, the Ministry of Economy, Trade and Industry said. On a yearly basis, industrial production was up 0.3 percent. Upon the release of the data, the METI maintained its assessment of production, saying that it fluctuates indecisively but has weakened.

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