Japan Market ends higher on weaker yen

Japan share market finished session firmly higher on Tuesday, 17 January 2023, with investors taking heart from yen depreciation to 129 level against greenback and ahead of the Bank of Japan policy meeting.

The 225-issue Nikkei Stock Average index advanced 316.36 points, or 1.23%, to finish at 26,138.68. The broader Topix index of all First Section issues on the Tokyo Stock Exchange declined 16.58 points, or 0.88%, to 1,902.89.

Total 28 of 33 TSE sectors advanced along with Topix index. Transportation Equipment was top performing sector, gaining 2.5%, followed by marine transportation (up 2.1%), electric appliance (up 1.9%), real estate (up 1.6%), and nonferrous metals (up 1.5%).

Shares of exporters particularly automakers and tech companies advanced, encouraged by the weaker yen and gains in European shares overnight. Among export-oriented issues, Mazda Motor rose 3.9% to 979 yen, while Suzuki Motor gained 2.3% to 4,258 yen. Chip-manufacturing equipment maker Tokyo Electron advanced 2% to 44,900 yen. Electric component maker TDK added 2.6% to 4,350 yen.

CURRENCY NEWS: The yen stood at 128.95 against US dollar, depreciated 0.33% from previous day close of 128.54, after trading in the range between 128.21-129.15.

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