The Japanese market gains 1.27% | Trade Standard News

The Japanese stock market ended the session at a nearly two-month high on Friday, June 3, 2022, on the heels of an overnight rise from their US counterparts which gained on waning fears over the aggressive monetary stance of the Fed.

Adding to the positive mood, the country and the US’s signing of a review of the “beef safeguard” mechanism under the U.

S.-Japan Trade Agreement.

In addition, buying was propelled by the depreciation of the yen to ranges below 130 against the dollar, prompting purchases of export-oriented stocks as the weak yen boosted their overseas earnings. when they are repatriated.

At the close, the 225-number Nikkei Stock Average was up 347.69 points, or 1.27%, at 27,761.57. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 6.75 points, or 0.35%, to 1,933.14.

In total, 21 of the 33 TOPIX sectors ended the session higher, mining (up 2.3%), precision instruments (up 1.5%), non-ferrous metals (up 1.4%) and petroleum and coal products (up 1.3%) had the highest percentage. earnings.

Exporter stocks gained on the back of a weaker yen, with Sony Group leading the gains on Topix, up 1.88%. Chip-making equipment maker Tokyo Electron gained 2.4% and tech start-up investor SoftBank Group climbed 2.2%.

Shares of Fast Retailing jumped after it said Uniqlo’s national same-store sales for May, including online sales, jumped 17.5% year-on-year.

CURRENCY NEWS: The dollar stood at 130.04 yen, against 130.15 yen in New York and 129.25 yen in Tokyo on Wednesday.

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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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