Japanese shares track Wall Street higher, weaker yen supports exporters

  • Reuters
  • Stock Market News
Japanese shares track Wall Street higher, weaker yen supports exporters
Credit: © Reuters.

TOKYO, Aug 4 (Reuters) - Japanese shares rose on Tuesday as investor sentiment was lifted by a tech-led overnight rally on Wall Street, and a softer yen propped up exporters.

The benchmark Nikkei average .N225 gained 1.4% to 22,505.83 by the midday break, while the broader Topix .TOPX added 1.56% to 1,546.37.

All but one of the 33 sector sub-indexes on the Tokyo exchange traded in positive territory, led by highly cyclical airlines .IAIRL.T , land transport .IRAIL.T and shippers .ISHIP.T .

Overnight, Wall Street rallied as strong U.S. manufacturing data and gains in tech-related stocks lifted sentiment, with the Nasdaq settling at a record closing high.

An industry gauge released on Monday indicated U.S. manufacturing activity expanded in July at the fastest pace in more than a year. of export-oriented automobile makers got a boost from a weaker yen as it edged further away from a 4-1/2-month high hit last week against the dollar.

Mazda Motor 7261.T spiked 7.64%, while Mitsubishi Motor 7211.T and Subaru 7270.T added 5.26% and 4.32%, respectively.

Investors also digested a slew of earnings reports, with Suzuki Motor 7269.T rising 6.45% on better-than-expected earnings.

While the automaker posted a 1.3 billion yen operating profit, its worst quarterly performance on record, it was still higher than a consensus forecast for a loss of 38 billion yen drawn from six analysts polled by Refinitiv. company Kikkoman Corp 2801.T jumped 14.11% to its daily limit on stay-at-home demand hopes, despite a 12.8% decline in April-June net profit.

Among the biggest percentage losers in the index, Nikkei heavyweight SoftBank Group 9984.T dipped 1.96% after Reuters reported, citing a person with knowledge of the matter, that the tech conglomerate under-reported income by around 40 billion yen. Sony Corp 6758.T added 4.22% ahead of earnings later in the day.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles