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Tokyo’s Nikkei index surges to eight-month high
TOKYO, Sept 28, 2018 (BSS/AFP) – Tokyo’s benchmark Nikkei index jumped
more than 1.3 percent to a fresh eight-month high on a weak yen on Friday, as
concerns over US trade pressure on Japan retreated.
The Nikkei 225 index rose 1.36 percent or 323.30 points to close at
24,120.04, approaching a 27-year high. Over the week, it gained 1.05 percent.
The Topix index was up 0.95 percent or 17.14 points at 1,817.25. It rose
0.73 percent over the week.
“Positive trading factors, including a weak yen, dominated the market,”
said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.
A cheaper yen brightens outlooks for exporters as it inflates their
overseas profits when repatriated.
The dollar was changing hands at 113.52 yen, up from 113.39 yen in New
York Thursday afternoon.
“Concerns over US trade pressure on Japan are easing for now following
trade talks in New York, which also supported investors’ sentiment here,”
Horiuchi told AFP.
US President Donald Trump and Japan’s Prime Minister Shinzo Abe announced
an agreement to start negotiations on a trade deal Wednesday in New York,
after talks on the sidelines of the United Nations General Assembly.
Abe later told reporters the two leaders had agreed to “refrain from
taking measures against the spirit of” their agreement, “which means the US
will not impose” additional tariffs on Japanese-made cars.
In individual stocks trade, IT investor SoftBank Group jumped 4.65 percent
to 11,470 yen, Sony soared 4.51 percent to 6,966 yen and Nintendo climbed
1.54 percent to 41,460 yen.
Toyota rose 1.24 percent to 7,095 yen and Nissan gained 0.94 percent to
1,063.5 yen.
Panasonic, which supplies battery cells to electric carmaker Tesla Motors,
fell 1.00 percent to 1,323.5 yen.
The US Securities and Exchange Commission on Thursday charged Tesla CEO
Elon Musk with securities fraud, alleging he had misled investors last month
in tweets about taking the company private.
BSS/AFP/HR/1250