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HomeLatestTokyo shares see 8-day rally on cheaper yen

Tokyo shares see 8-day rally on cheaper yen

TOKYO, Sept. 6 (Xinhua) — Tokyo shares on Wednesday prolonged their profitable streak to eight days, backed by the yen’s plunge towards the U.S. dollar.

Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended up 204.26 factors, or 0.62 p.c, from Tuesday at 33,241.02, the best closing since Aug. 1.

The broader Topix index, in the meantime, completed 14.68 factors, or 0.62 p.c, greater at 2,392.53, its highest degree since July 1990.

The U.S. dollar briefly hit 147.80 yen in Tokyo, its highest degree since November 2022, as rising oil costs raised prospects of elevated inflationary pressures within the United States and extended rate of interest hikes by the Federal Reserve, analysts mentioned.

Stocks had been in constructive territory all through the day, with positive factors led by exporters in addition to energy-related points.

Honda Motor elevated 93 yen, or 1.9 p.c, to 4,960 yen, and Toyota Motor rose 62.0 yen, or 2.4 p.c, to 2,651.0 yen.

Oil explorer Inpex climbed 38.0 yen, or 1.8 p.c, to 2,199.5 yen, whereas refiner Eneos Holdings gained 7.9 yen, or 1.4 p.c, to 574.2 yen.