Japan Nikkei edges up

5 Jan 2022 , 04:03 PM

Japan share market finished session marginally higher after fluctuating around the unchanged line on Wednesday, 05 January 2022, with sentiment brightened by yen depreciation to lower 116-range against greenback. However, market gains were limited as investors locked in gains in reaction to healthy gains made in Tokyo in the previous session as well as growing concerns on a resurgence of COVID-19 after Japan reported over 1,000 daily COVID-19 cases on Tuesday.

At closing bell, the 225-issue Nikkei Stock Average advanced 30.37 points, or 0.1%, to 29,322.16. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 9.05 points, or 0.45%, to 2,039.27.

Shares of exporters gained on the yens weakness versus its major counterparts as overseas profits are augmented when repatriated and overall competitiveness enhanced. Among export-oriented issues, automaker Mitsubishi Motors added 2.1%, Honda Motor gained 2.6%, and Toyota Motor jumped 2.6%. Sony Group soared 3.7%, after announcing it would set up a new unit in the spring to develop electric vehicles.

Shares of eateries-related companies notably lower amid concerns about the resurgence in COVID-19 cases. Torikizoku Holdings dropped 3.4%, and Kushikatsu Tanaka Holdings fell 2.7%.

CURRENCY NEWS: The Japanese yen traded at 116.03 per dollar, compared with 116.07-17 in New York and 115.73-75 in Tokyo on Tuesday.

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