Japan Stocks Gain, Buoyed by Strong US Jobs Data, Yen Weakness
Japanese stocks gained, boosted by stronger-than-expected US job and wage growth and a weaker yen against the dollar.
Export-related sectors such as electronics, automobiles, shipping and materials, including glass, ceramics and non-ferrous metals, contributed to the increase. Financial stocks such as banking and insurance also advanced, supported by rising U.S. interest rates. Pharmaceutical stocks traded higher.
The Topix Index rose 0.7% to 2,787.79 as of 9:18 a.m. Tokyo time, while the Nikkei advanced 1% to 38,122.27.
Sony Group Corp. contributed the most to the Topix Index gain, increasing 1.7%. Out of 1,684 stocks in the index, 1,260 rose and 312 fell, while 112 were unchanged.
“Investors were quite bearish ahead of the U.S. employment report, so the fact that the U.S. economy is not deteriorating is positive for Japanese stocks,” Shoji Hirakawa, chief global strategist at Tokai Tokyo Intelligence Lab. “With stock prices recovering rapidly, from a technical perspective, the upside may be limited after initial buying in the morning.”
Source : Bloomberg
