Japan Nikkei surges on yen depreciation, GDP data

Japanese share market finished session sharply higher on Thursday, 08 September 2022, as the Japanese yen's depreciation to a 24-year low against the U.S. dollar prompted buying in exporters stocks.

Meanwhile, buying interest was also prospered after official data showed that Japan's economy grew more than initially estimated to 0.9% in the second quarter as a result of increased capital expenditure by businesses.

At closing bell, the 225-issue Nikkei Stock Average index inclined by 634.98 points, or 2.31%, to 28,065.28. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 41.97 points, or 2.19%, to 1,957.62.

 

Total 32 of 33 TSE sub-indexes closed up, with Precision Instruments, Air Transportation, Pharmaceutical, Electric Appliances, Chemicals, Machinery, and Marine Transportation issues being notable gainers.

Tech stocks such as Advantest, Tokyo Electron and Screen Holdings gained 1-2%. Shares of SoftBank and Fast Retailing both rose over 2%.

ANA Holdings added 2.5% and Japan Airlines jumped 3.6% after the government further eased its COVID-19 border control measures.

CURRENCY NEWS: The Japanese yen was hovering around upper 143 level against greenback on Thursday. At 5 p.m., the dollar stood at 143.82-83 yen, down slightly from 143.90-91 yen at the same time Wednesday.

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