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Nikkei inches up to 13-mth high on U.S.-China trade hopes, weaker yen

Published 11/06/2019, 11:05 AM
Updated 11/06/2019, 11:08 AM
Nikkei inches up to 13-mth high on U.S.-China trade hopes, weaker yen

TOKYO, Nov 6 (Reuters) - Japan's benchmark Nikkei share
average edged up to a fresh 13-month high on Wednesday as hopes
for a U.S.-China trade deal, a weaker yen and rising bond yields
buoyed exporters and financials.
The Nikkei average .N225 rose 0.1% to 23,263.83 points by
the midday break, after hitting an intra-day high earlier of
23,352.56, its strongest level since Oct. 10 last year.
The broader Topix .TOPX retreated 0.3% to 1,689.98, after
rising to as high as 1,701.35, its intra-day high in more than a
year, as profit taking kicked in.
Overnight, U.S. 10-year Treasury yield US10YT=RR climbed
as high as its six week peak of 1.873% and Germany's 20-year
yield rose into positive territory for the first time in 3-1/2
months on optimism that the United States and China will scale
back a bruising trade war. On Wednesday, the dollar held the upper hand against its
rivals, particularly versus safe-haven yen, with the pair last
trading at 109.08 yen JPY= , not far from its October high,
providing a boost for Japanese exporters as a weak yen enhances
corporate profits when they are repatriated. Export-oriented Mitsubishi Motor 7211.T advanced 1.7%,
Kyocera 6971.T gained 1.4% and Hitachi 6501.T rose 1.3%.
The interest rate-sensitive financial sector also
outperformed, with T&D Holdings 8705.T jumping 3.5%, Dai-ichi
Life Holdings 8750.T and Mitsubishi UGJ Financial Group
8306.T also adding 0.6% each.
Elsewhere, Asahi Group Holdings 2502.T dived 6.0% after
the brewer lowered its forecast for full-year operating profit
and year-end dividend, citing unfavourable weather and currency
moves.

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