Tokyo stocks close up for third straight day

 13 Sep 2017 - 9:29

Tokyo stocks close up for third straight day

AFP

Tokyo: Tokyo stocks closed higher for a third consecutive day on Wednesday as exporters gained from a weaker yen and investors cheered easing concerns over North Korea and US hurricanes.

"The pace of the recent gain has been quite fast, but the market's energy is strong enough to see the Nikkei approaching 20,000," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

The benchmark Nikkei 225 index rose 0.45 percent, or 89.20 points, to 19,865.82 while the broader Topix index was up 0.61 percent, or 9.88 points, at 1,637.33.

"Japanese shares are testing the upper price limits supported by record high closes in US stocks and a cheaper yen," said Yoshihiro Ito, chief strategist at Okasan Online Securities, in a note to clients.

In Asian trade, the dollar fetched 110.05 yen, slightly down from 110.18 yen in New York but up from 109.42 yen in Tokyo on Tuesday.

The currency market that "had heated up over geopolitical risks linked to North Korea and hurricanes is cooling down and the focus is shifting" back to economic fundamentals, Mizuho Securities said.

On the Tokyo Stock Exchange, blue-chip exporters Panasonic jumped 4.45 percent to 1,606.5 yen and Hitachi was up 3.28 percent at 780.1 yen.

Financials also followed Wall Street higher, with mega bank Mitsubishi UFJ gaining 1.50 percent to 682.6 yen and its rival Sumitomo Mitsui Financial up 1.51 percent at 4,166 yen.

Many Japanese Apple suppliers were higher after the US tech titan unveiled three new iPhone models.

Component-maker Nidec jumped 3.52 percent to 13,660 yen, while semi-conductor manufacturer Rohm advanced 1.58 percent to 8,970 yen.

Shares in Toshiba closed unchanged at 331 yen after the firm said it had picked a US-led consortium as the leading candidate to buy its prized chip business.