Japan Nikkei rises on softer yen

Headline indices of the Japan share market inclined on Wednesday, 29 August 2018, buoyed by tracking positive lead from Wall Street overnight as the U.S. and slightly weaker yen against greenback. Total 31 issues out of 33 TSE index inclined, with shares of Marine Transportation, Nonferrous Metals, Banks, Precision Instruments, Metal Products, and Iron & Steel issues being notable gainers. Around late afternoon trade, the benchmark Nikkei 225 index rose 0.43%, or 97.04 points, to 22,910.51. The broader Topix index of all First Section issues on the Tokyo Stock Exchange climbed up 0.65%, or 11.25 points, to 1,742.88.

Shares of exporters such as automakers and tech companies were higher, thanks to yen depreciation against greenback. Among major exporters, Panasonic and Sony rose almost 1% each, while Canon added 0.3%. Toyota Motor was up 0.3% and Honda Motor climbed up 0.4%.

 

Among individual stocks, Mitsubishi Electric shares were 0.2% down after reports that the company has shifted machine tool production out of China amid the growing trade war between Washington and Beijing.

Itochu shares inclined 0.7% after reports that the Japanese trading house will invest less than 1 billion yen in Chinese electric vehicle start-up, Singulato Motors.

CURRENCY NEWS: Japanese yen depreciated against greenback. The dollar fetched 111.14 yen in early Asian trade, up modestly from 111.07 yen in New York.

OFFSHORE MARKET NEWS, US stock market closed higher on Tuesday. The Dow Jones Industrial Average jumped 14.38 points or 0.1% to 26,064.02, the Nasdaq ticked up 12.14 points or 0.2% to 8,030.04 and the S&P 500 inched up 0.78 points or less than a tenth of a% to 2,897.52.

The major European stock markets ended mixed on Tuesday. The German DAX Index edged down by 0.1%, while the French CAC 40 Index crept up by 0.1% and the U.K.'s FTSE 100 Index climbed by 0.5%.

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