Japan shares at 6-week high as banks, exporters, Apple suppliers shine

  • Reuters
  • Stock Market News
Japan shares at 6-week high as banks, exporters, Apple suppliers shine
Credit: © Reuters.

By Stanley White

TOKYO, Sept 11 (Reuters) - Japanese stocks rose to a six-week high on Wednesday as bank shares extended recent gains thanks to rising bond yields, while major exporters reaped the rewards of a faltering yen.

Suppliers to Apple Inc (NASDAQ: AAPL ) APPL.O also gained after the California-based tech company announced a new lineup of iPhones. 0152 GMT, the Nikkei index was up 0.45% at 21,489.40 after earlier rising to 21,504.04, the highest since Aug. 1.

There were 193 advancers on the benchmark index against 30 decliners.

The largest percentage gainers were Fukuoka Financial Group Inc 8354.T , up 7.48 %, followed by Concordia Financial Group Ltd 7186.T gaining 6.33% and Resona Holdings Inc 8308.T up by 5.94%.

The broader Topix .TOPX rose 0.87% to 1,571.52.

Japanese mega-bank shares rallied. Mitsubishi UFJ Financial Group Inc 8306.T was up 3.87%, Sumitomo Mitsui Financial Group Inc 8316.T rose 2.54%, and shares in Mizuho Financial Group Inc 8411.T climbed 1.52%.

Yields on major government bonds have risen sharply recently, which eases the path for Japan's banks to earn profits on lending.

Toyota Motor Corp 7203.T rose 0.9%, Honda Motor Co 7267.T climbed 1.76% and Subaru Corp 7270.T gained 1.4% as a weaker yen boosts exporters' earnings.

Japan-based Apple suppliers Murata Manufacturing Co 6981.T rose 1.54%, Alps Alpine Co 6770.T jumped 3.05%, and Minebea Mitsumi Inc 6479.T advanced 1.93%.

Daiichi Sankyo Co 4568.T , down 3.72%, was among the largest percentage losses in the Nikkei index

(Editing by Shri Navaratnam)

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