Japan Market gains on yen weakness to 2-decade low

The Japanese equity market ended the session slightly higher on Tuesday, June 07, 2022, with buying interest rising due to the depreciation of the yen to a two-decade low of 132 against the dollar, prompting buying interest. export-oriented stocks as weaker yen boosts their overseas earnings once repatriated.

At the close, the 225-number Nikkei Stock Average was up 28.06 points, or 0.1%, at 27,943.95.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 7.92 points, or 0.41%, to 1,947.03.

A total of 25 of the 33 TOPIX sectors ended the session higher, with Mining (up 3%), Transportation Equipment (up 1.6%), Petroleum & Coal Products (up 1 .5%), non-ferrous metals (up 1.4%) and textiles and clothing (up 1.4%) emissions saw the largest percentage gains.

Exporter shares rose on the back of a weaker yen, with Honda Motor and Nissan up 2.5% and 2.6%, respectively. Toyota Motor gained 1.3% and heavyweight SoftBank Group gained 0.7%.

CURRENCY NEWS: The dollar settled at 132.76-77 yen, from 130.76-77 yen at the same time on Monday, as concerns over lingering inflation pushed US bond yields higher

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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