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Tokyo’s Nikkei closes higher for 7th straight session
TOKYO, Sept 11, 2019 (BSS/AFP) – Tokyo’s benchmark Nikkei index rose for a
seventh consecutive session on Wednesday on a weak yen, as investors welcomed
Prime Minister Shinzo Abe’s cabinet reshuffle.
The Nikkei 225 gained 0.96 percent, or 205.66 points, to close at
21,597.76 while the broader Topix index was up 1.65 percent, or 25.67 points,
at 1,583.66.
“The market welcomed a weak yen” against the dollar, which has gained on
the backdrop of a rise in US long-term interest rates, said Daiwa Securities
chief technical analyst Eiji Kinouchi.
The dollar fetched 107.81 yen in Asian afternoon trade, against 107.53 yen
in New York late Tuesday.
“The cabinet reshuffle is a positive factor as it appears to help raise
Abe’s approval rate,” Kinouchi said.
Abe on Wednesday appointed new foreign and defence ministers and named
Shinjiro Koizumi, a popular rising political star who is the son of former
premier Junichiro Koizumi, as environment minister.
Automakers were higher on the weak yen, with Nissan trading up 2.89
percent at 718.4 yen, Honda up 3.74 percent at 2,895.5 yen and Toyota up 2.39
percent at 7,355 yen.
Some other exporters also rose, with Sony climbing 1.28 percent to 6,451
yen and Nikon up 2.53 percent at 1,417 yen.
Banks rallied following a rise in US long-term interest rates. Mitsubishi
UFJ jumped 4.43 percent to 570 yen with Sumitomo Mitsui Financial up 3.14 at
3,772 yen.
BSS/AFP/HR/1300