Japan Market gains on exporters rally

6 Dec 2022 , 01:57 PM

Japan share market finished session slightly higher on Tuesday, 06 December 2022, on the back of strength among export-related stocks, thanks to yen depreciation to the upper 136-yen zone against greenback. However, market gains capped amid concern over the prospect of prolonged U.S. monetary tightening after the release of stronger-than-expected November service sector data in the worlds largest economy. At closing bell, the 225-issue Nikkei Stock Average index advanced 65.47 points, or 0.24%, to 27,885.87. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 2.32 points, or 0.12%, to 1,950.22. Total 22 of 33 TSE sectors closed higher, with Insurance, Iron & Steel, Other Products, Banks, and Electric Power & Gas issues being notable gainers. On the other side, Mining, Precision Instruments, and Oil & Coal Products issues were notable losers. Shares of export-oriented companies advanced as a weaker yen amplified companies profits that have been earned overseas when repatriated. Among export-related issues, Mazda Motor rose 3% to 1,052 yen. Heavy machinery maker IHI gained 2.1% to 3,715 yen. Soccer-related shares suffered losses after Japan lost to Croatia in the knockout stage at Qatars World Cup earlier in the day, dashing hopes of the Samurai Blues first foray into the final eight. CyberAgent, which broadcasts all the matches via its online platform, fell 3.5% to 1,236 yen. Hub, the operator of English-style pubs that have aired the matches on its in-store screens, slid 8.2% to 650 yen. CURRENCY NEWS: The dollar fetched 136.97-98 yen compared with 136.74-84 yen in New York and 135.12-14 yen in Tokyo at 5 p.m. Monday. Powered by Capital Market – Live News