yen forex news-greenback briefly retook the ¥112 line in the morning

Stocks gained ground again Tuesday, supported by the yen’s fall against the dollar.

The Nikkei 225 average added 71.74 points, or 0.36 percent, to end at 20,225.09. On Monday, the key market gauge climbed 20.68 points.

 

The Topix, which covers all first-section issues, finished 6.81 points, or 0.42 percent, stronger at 1,619.02, its highest finish since Aug. 20, 2015. The key market gauge rose 0.87 point Monday.

Investors took heart from the dollar’s rise, brokers said. The greenback briefly retook the ¥112 line in the morning, a level unseen since late May.

Export-oriented names and financial issues rose, helping push up the overall market, they said.

But the market’s topside was capped as “U.S. stocks were directionless” on Monday, when the 30-issue Dow Jones industrial average and the S&P 500 index edged up while the Nasdaq composite index ended slightly lower, an official of a bank-affiliated securities firm said.

 

The official also said some market players in Tokyo hesitated about buying stocks as they were “uncertain about the cause of the yen’s depreciation.”

The Nikkei finished short of its 22-month closing high of 20,230.41, marked on June 20, “due to a halt to the yen’s weakening,” said Yutaka Miura, senior technical analyst at Mizuho Securities Co. The dollar pared its gains in the afternoon after exceeding ¥112.

Some players retreated to the sidelines ahead of Thursday, when Japan’s annual general shareholders meeting season reaches its peak, said Hideyuki Ishiguro, senior strategist at Daiwa Securities Co.

Rising issues outnumbered falling ones 1,215 to 654 on the first section, while 152 issues were unchanged.

 

Volume grew to 1.573 billion shares from Monday’s 1.395 billion.

The weaker yen supported such export-oriented issues as camera maker Canon, automaker Toyota, electronic parts maker Murata Manufacturing, electronics maker Panasonic and tire producer Bridgestone.

Mega-bank groups Mitsubishi UFJ, Sumitomo Mitsui and Mizuho, insurers Dai-ichi Life and Sompo Holdings, and brokerage firms Nomura and Daiwa were upbeat, tracking the strength of financial stocks in New York on Monday.

Oil companies JXTG Holdings, Inpex, Japex, Showa Shell and Idemitsu attracted purchases on higher crude oil prices.

By contrast, Shimamura met with selling after the casual clothing store operator announced Monday its operating profit in March-May plunged 12.7 percent from a year earlier to ¥10.512 billion.

Takata went limit-down after a trading halt on Monday due to its bankruptcy filing.

Other major losers included drugmaker Sumitomo Dainippon Pharma and department store operator Takashimaya.

-japantimes

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