TOKYO, Nov 6 (Reuters) - Japan's benchmark Nikkei share average edged up to a fresh 13-month high on Wednesday as hopes for a U.S.-China trade deal, a weaker yen and rising bond yields buoyed exporters and financials.
The Nikkei average .N225 rose 0.1% to 23,263.83 points by the midday break, after hitting an intra-day high earlier of 23,352.56, its strongest level since Oct. 10 last year.
The broader Topix .TOPX retreated 0.3% to 1,689.98, after rising to as high as 1,701.35, its intra-day high in more than a year, as profit taking kicked in.
Overnight, U.S. 10-year Treasury yield US10YT=RR climbed as high as its six week peak of 1.873% and Germany's 20-year yield rose into positive territory for the first time in 3-1/2 months on optimism that the United States and China will scale back a bruising trade war. Wednesday, the dollar held the upper hand against its rivals, particularly versus safe-haven yen, with the pair last trading at 109.08 yen JPY= , not far from its October high, providing a boost for Japanese exporters as a weak yen enhances corporate profits when they are repatriated. Mitsubishi Motor 7211.T advanced 1.7%, Kyocera 6971.T gained 1.4% and Hitachi 6501.T rose 1.3%.
Elsewhere, Asahi Group Holdings 2502.T dived 6.0% after the brewer lowered its forecast for full-year operating profit and year-end dividend, citing unfavourable weather and currency moves.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.