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Tokyo shares slip but set for weekly gain on weaker yen, recovery hopes

Published 06/05/2020, 11:19 AM
Updated 06/05/2020, 11:20 AM
JP225
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TOPX
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7201
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8750
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7261
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7267
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8316
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IBNKS.T
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IINSU.T
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SYDNEY, June 5 (Reuters) - Japanese stocks slipped as
investors locked in some of the week's gains on Friday, but a
weaker yen and overall optimism about an economic rebound from a
coronavirus-driven slump kept the major indexes on track for a
weekly rise.
The benchmark Nikkei average .N225 dropped 0.35% to
22,616.77 by the midday break, off its more than three-month
high touched on Thursday. But the index was still up 3.4% for
the week.
This week's global equity rally lost some steam overnight as
traders took winnings from recent gains, backing away ahead of
Friday's U.S. nonfarm payrolls data, which is expected to show
further deterioration in the U.S. jobs market.
MKTS/GLOB The broader Topix .TOPX eased 0.33% to 1,598.51 by the
midday recess, also off its more than three-month high, but with
more than half of the 33 sector sub-indexes on the Tokyo
exchange trading higher. For the week, the Topix was up 2.2% so
far.
Analysts said although some profit-taking was unavoidable
after the recent rallies, the overall sentiment is still
positive.
Reflecting continued confidence in the revival of the global
economy, the safe-haven yen weakened further, with the
dollar/yen JPY=EBS hitting a fresh two-month high of 109.235
yen on early Friday and the euro/yen touching EURJPY=EBS a
13-month high of 123.965 yen overnight. FRX/
As a weak yen boosts Japanese manufacturers' profits made
abroad when repatriated, shares of export-oriented automakers
were in demand. Mazda Motor 7261.T jumped 4.8%, while Nissan
Motor 7201.T and Honda Motor 7267.T gained 2.3% and 2.5%,
respectively.
Longer-term U.S. Treasury yields jumped overnight, providing
a tailwind for Tokyo-listed financial stocks .IINSU.T
.IBNKS.T . Dai-ichi Life Holdings 8750.T advanced 4.6% and
Sumitomo Mitsui Financial Group (SMFG) 8316.T climbed 1.8%.
US/N

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