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Tokyo stocks rise to one-week high as weaker yen boosts exporters

Published 02/20/2020, 11:33 AM
Updated 02/20/2020, 11:40 AM
Tokyo stocks rise to one-week high as weaker yen boosts exporters
JP225
-
TOPX
-
7261
-
7267
-
9984
-
1824
-
1883
-
IMING.T
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IPAPR.T
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ITEQP.T
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7203
-
9434
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TOKYO, Feb 20 (Reuters) - Japanese shares rallied to a
one-week high on Thursday as a rapidly weakening yen, which hit
a near 10-month low versus the dollar overnight, lifted
wide-ranging exporters, such as automakers.
The benchmark Nikkei average .N225 was up 0.9% at
23,607.77 by the midday break, after touching its one-week high
of 23,806.56 earlier in the session. The broader Topix .TOPX
rose 0.7% to 1,682.77.
All but four of the 33 sector sub-indexes on the Tokyo Stock
Exchange were trading in positive territory, with mining
.IMING.T , paper and pulp .IPAPR.T and transport equipment
.ITEQP.T being the top three performers.
The yen dived to its lowest level since early May versus the
dollar of 111.60 yen JPY=EBS overnight, providing a tailwind
for Japanese exporters as a weaker local currency boosts
corporate profits when they are repatriated.
Toyota Motor Corp 7203.T climbed 2.3%, while Honda Motor
Co Ltd 7267.T advanced 2.7% and Mazda Motor Corp 7261.T
added 2.3%.
The Nikkei's heavyweight SoftBank Group 9984.T jumped 3.8%
after the tech conglomerate said it plans to borrow up to 500
billion yen ($4.5 billion) from 16 domestic and foreign
financial institutions using almost a third of its stake in
telco SoftBank Corp 9434.T as collateral. Elsewhere, Maeda Road Construction 1883.T dropped 5.8%
after the company said it plans to pay a special dividend of
53.6 billion yen to counter a takeover bid by its biggest
shareholder Maeda Corp 1824.T . = 111.2400 yen)

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