Japan Market gains 1.27%

Japan share market finished session at an almost two-month high on Friday, 03 June 2022, on tracking an overnight surge in their U.S. counterparts which gained on receding fears over the Fed aggressive monetary stance.

Adding to positive mood was the country and the U.S. signing of a revision on the "beef safeguard" mechanism under the U.S.-Japan Trade Agreement.

Also, buying was propelled by yen's depreciation to lower 130 ranges against the dollar which prompted purchases of export-oriented shares as weaker yen boosts their overseas profits when repatriated.

At closing bell, the 225-issue Nikkei Stock Average advanced 347.69 points, or 1.27%, to 27,761.57. The broader Topix index of all First Section issues on the Tokyo Stock Exchange grew 6.75 points, or 0.35%, to 1,933.14.

 

Total 21 of 33 TOPIX sectors ended the session higher, with Mining (up 2.3%), Precision Instruments (up 1.5%), Nonferrous Metals (up 1.4%), and Oil & Coal Products (up 1.3%) issues enjoyed the largest percentage gains.

Shares of exporters gained on the back of a weaker yen, with Sony Group led gains on Topix, rising 1.88%. Chip-making equipment maker Tokyo Electron gained 2.4% and technology start-up investor SoftBank Group climbed 2.2%.

Shares of Fast Retailing surged after it said domestic Uniqlo same-store sales for May, including online sales, surged 17.5 percent on-year.

CURRENCY NEWS: The dollar stood at 130.04 yen, against 130.15 yen in New York and 129.25 yen in Tokyo on Wednesday.

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