Japan Nikkei rebounds on bargain hunting

Japan share market finished session sharp higher on Tuesday, 21 June 2022, as investors scooped up beaten-down cyclical and exporters shares after the benchmark Nikkei index ended at a five-week low the previous day.

At closing bell, the 225-issue Nikkei Stock Average surged 475.09 points, or 1.84%, to 26,246.31. The broader Topix index of all First Section issues on the Tokyo Stock Exchange advanced 37.26 points, or 2.05%, to 1,856.20.

Cyclical stocks rebounded, with Japan Airlines and rival ANA Holdings gaining 3.4% and 2.9%, respectively.

Tech stocks also advanced. Exporters were higher, with the yen hovering near its weakest level in more than two decades. Chip-making equipment manufacturers Tokyo Electron and Advantest gained 2.6% and 2.4%. Automaker Toyota gained 2.4% and Nissan rose 3.2%. Sony Group jumped 4%, while startup investor SoftBank Group advanced 2.9%.

CURRENCY NEWS: The dollar moved around lower 135 yen range in Tokyo trading on Tuesday. At 5 p.m., the dollar stood at 135.22-22 yen, up from 134.65-66 yen on Monday.

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