Japan Market gains on yen weakness to 2-decades low

Japan share market finished session slightly higher on Tuesday, 07 June 2022, with buying interest mounting on the back of the yen's depreciation to a two-decade low of 132 range against the dollar which prompted purchases of export-oriented shares as weaker yen boosts their overseas profits when repatriated.

At closing bell, the 225-issue Nikkei Stock Average advanced 28.06 points, or 0.1%, to 27,943.95. The broader Topix index of all First Section issues on the Tokyo Stock Exchange grew 7.92 points, or 0.41%, to 1,947.03.

Total 25 of 33 TOPIX sectors ended the session higher, with Mining (up 3%), Transportation Equipment (up 1.6%), Oil & Coal Products (up 1.5%), Nonferrous Metals (up 1.4%), and Textiles & Apparels (up 1.4%) issues enjoyed the largest percentage gains.

 

Shares of exporters gained on the back of a weaker yen, with with Honda Motor and Nissan rallying 2.5% and 2.6%, respectively. Toyota Motor added 1.3% and heavyweight SoftBank Group rose 0.7%.

CURRENCY NEWS: the dollar stood at 132.76-77 yen, up from 130.76-77 yen at the same time Monday, as worries about persistent inflation pushed up US bond yields

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