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Tokyo's Nikkei closes up for sixth straight session

Filed on June 8, 2020
The Nikkei 225, which had surged 4.5 per cent last week, added another 1.37 per cent, or 314.37 points, to close at 23,178.10, while the broader Topix index was up 1.13 per cent, or 18.24 points, at 1,630.72. - Reuters

Japanese shares are supported by sharp rallies in the US market and depreciation of the yen.

Tokyo's benchmark Nikkei index rose for a sixth consecutive session on Monday, breaking through the 23,000-point mark as investors took heart from rallies on Wall Street.

The Nikkei 225, which had surged 4.5 per cent last week, added another 1.37 per cent, or 314.37 points, to close at 23,178.10, while the broader Topix index was up 1.13 per cent, or 18.24 points, at 1,630.72.

"Japanese shares are supported by sharp rallies in the US market and depreciation of the yen, with (the Nikkei 225) rising above the 23,000-mark" that should provide a psychological boost to the market, said chief strategist Yoshihiro Ito of Okasan Online Securities.

Wall Street stocks surged on Friday following a surprisingly strong US jobs report, which markets viewed as proof the economy was recovering from the coronavirus crisis.

The Labour Department reported the US economy regained 2.5 million jobs in May and the unemployment rate dropped as pandemic shutdowns began to ease.

The report defied even the most optimistic forecasts among economists, who had been expecting a payroll decline of more than eight million and a jobless rate of 20 per cent or higher.

Tokyo investors also welcomed an upward revision of Japan's gross domestic product in the first quarter, although the economy was still mired deep in recession.

The dollar fetched 109.52 yen in Asian afternoon trade, against 109.61 yen in New York late Friday.

In Tokyo, airlines were among the winners, with Japan Airlines climbing 2.98 per cent to 2,448 yen and ANA Holdings jumping 2.51 per cent to 2,854 yen.

Banks were also higher, with Mitsubishi UFJ Financial gaining 4.45 per cent to 483.2 yen and Sumitomo Mitsui trading up 4.45 per cent at 3,425 yen. - AFP


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