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Tokyo’s Nikkei extends winning streak to 8th day
TOKYO, Sept 26, 2018 (BSS/AFP) – Tokyo’s benchmark Nikkei index extended
its winning streak to an eighth consecutive session on Wednesday as a weak
yen and higher Chinese stocks buoyed investor sentiment.
The bellwether Nikkei 225 rose 0.39 percent or 93.53 points to 24,033.79,
closing above 24,000 for the first time in eight months. The broader Topix
index inched down 0.04 percent or 0.77 points to 1,821.67.
“The market got support from the yen’s drop and higher Chinese stocks,”
Okasan Online Securities chief strategist Yoshihiro Ito said in a note.
A weak yen is positive for Japanese exporters as it makes their products
more competitive in overseas markets and also inflates profits when
repatriated.
Shanghai and Hong Kong stocks were both higher on Wednesday, offering
relief to investors amid the US-China trade row.
The dollar held firm, trading at 112.89 yen against 112.96 yen in New York
on Tuesday afternoon and little moved by US-Japan ministerial-level talks on
trade.
After an hour of talks in New York, Japan’s chief negotiator Toshimitsu
Motegi said Tokyo and Washington “basically shared the view on a framework
and steps for boosting bilateral trade”, according to Jiji Press.
Investors were now waiting for Japanese Prime Minister Shinzo Abe’s
meeting with US President Donald Trump later Wednesday.
In Tokyo stocks trade, heavyweight issues helped shore up the Nikkei.
IT investor SoftBank Group rose 1.28 percent to 11,065 yen and Uniqlo
clothing chain operator Fast Retailing climbed 1.62 percent to 56,280 yen.
BSS/XINHUA/HR/1230