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Tokyo stocks snap 6-day losing streak on firm exporters
MAINICHI
| Desember 23, 2024
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TOKYO (Kyodo) -- Tokyo stocks snapped a six-day losing streak on Monday as investors scooped up recently battered shares and bought exporter issues on a weak yen.
The 225-issue Nikkei Stock Average ended up 459.44 points, or 1.19 percent, from Friday at 39,161.34. The broader Topix index finished 24.75 points, or 0.92 percent, higher at 2,726.74.
On the top-tier Prime Market, gainers were led by electric power and gas, transportation equipment and service issues.
The U.S. dollar strengthened slightly to the upper 156 yen range in Tokyo as domestic importers bought the U.S. currency for settlement purposes, dealers said.
At 5 p.m., the dollar fetched 156.79-80 yen compared with 156.39-49 yen in New York and 156.81-84 yen in Tokyo at 5 p.m. Friday.
The euro was quoted at $1.0412-0413 and 163.26-30 yen against $1.0426-0436 and 163.00-10 yen in New York and $ 1.0381-0382 and 162.80-84 yen in Tokyo late Friday afternoon.
The yield on the benchmark 10-year Japanese government bond rose 0.010 percentage point from Friday's close to 1.060 percent, with the safe-haven debt being sold after a rise in stocks.
Stocks were in positive territory throughout the day, with the Nikkei benchmark regaining the 39,000 threshold, as automakers and other export-related issues were bought on a weak yen, which boosts exporters' overseas profits when repatriated.
"While the yen's depreciation lost some momentum, its level remains weaker than the exchange rates many companies have assumed, providing a tailwind for exporters," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.
Some heavyweight technology shares also tracked a sharp rise on a key U.S. semiconductor index on Friday, while investors hunted for bargains after the Nikkei lost more than 1,000 points over the past six days, brokers said.
Meanwhile, stocks are unlikely to rise sharply this week, as the number of market participants is expected to dwindle due to the Christmas holidays overseas and the upcoming New Year holidays in Japan, Ichikawa said.
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