Japan Stocks gain on weaker yen

Japan share market finished session higher on Wednesday, 01 June 2022, with investors sentiment brightened by the yen's weakening against the greenback and the easing of Covid-19 restrictions in China.

At closing bell, the 225-issue Nikkei Stock Average advanced 178.09 points, or 0.65%, to 27,457.89. The broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 25.97 points, or 1.36%, to 1,938.64.

Total 28 of 33 TOPIX sectors ended the session green, with Transportation Equipment (up 3.6%), Fishery, Agriculture & Forestry (up 3.4%), Marine Transportation (up 2.7%), Textiles & Apparels (up 2.4%), and Machinery (up 2.3%), and Banks (up 2.3%) issues enjoyed the largest percentage gains.

Shares of exporters gained on the back of a weaker yen. Nissan Motor soared 7.8%, while Honda Motor surged 4.3% and Toyota Motor added 3.5%.

Shares of travel-related issues jumped after the Japanese government doubled the cap on the number of people allowed to enter the country to 20,000 from Wednesday, as part of its gradual easing of Covid-19 border controls. ANA Holdings and its rival Japan Airlines climbed over 1%.

Among individual shares, Subaru advanced 4.5%, after the automaker said that its worldwide output grew 63.3% in April from a year earlier, the first rise in three months.

CURRENCY NEWS: The dollar fetched 128.80 yen in Asian trade, against 128.72 yen in New York late Tuesday.

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