Japan Nikkei extends gain on softer yen

5 Jul 2022 , 04:52 PM

Japan share market finished higher for second straight session on Tuesday, 05 July 2022, as risk sentiments improved on hints of easing Sino-U.S. tensions and yen depreciation against greenback. At closing bell, the 225-issue Nikkei Stock Average advanced 269.66 points, or 1.03%, to 26,423.47. The broader Topix index of all First Section issues on the Tokyo Stock Exchange inclined 9.41 points, or 0.5%, to 1,879.12. Among blue chips, Uniqlo owner Fast Retailing jumped 4.3%, technology investor SoftBank Group rose 1.8% and chip making equipment maker Tokyo Electron gained 0.4%. Shares of export-oriented issues advanced on hopes for an increase in earnings after the yen fell to lower 136 yen range against the U.S. dollar. Nissan Motor gained 0.4% and Canon rose 0.7%. Rakuten Group added 1.6% after the e-commerce firm said it has applied to list its online banking unit on the Tokyo Stock Exchange. KDDI shares gained 1.5%, after the telecom giant announced its voice calls and data communications have almost been restored nationwide, nearly three days after maintenance services led to disruptions in up to 39 million mobile connections. Shipping firms were weak, with Kawasaki Kisen Kaisha losing 4.51% and Mitsui O.S.K. Lines falling 2.75% ECONOMIC NEWS: The final au Jibun Bank Japan Services purchasing managers index (PMI) rose to a seasonally adjusted 54.0, marking the fastest pace of expansion since October 2013. That was stronger than Mays final 52.6 growth, though it remained below a 54.2 flash reading for June released last month. The composite PMI, which is estimated using both manufacturing and services, rose to 53.0 from the prior months final of 52.3, growing at the fastest rate in seven months. CURRENCY NEWS: The Japanese yen traded at 136.21 per dollar, after briefly weakening past 137 against the greenback last week. Powered by Capital Market – Live News