TOKYO (Kyodo) – Tokyo shares ended slightly higher, reversing earlier losses from auto stocks including Toyota Motor, as lingering hopes of a revival under a new prime minister led to last-minute buying after the large gatherings of the past week.
The 225-number Nikkei Stock Average finished up 65.53 points, or 0.22%, from Friday at 30,447.37. The largest Topix index of all issues in the first section of the Tokyo Stock Exchange finished 6.06 points, or 0.29%, down to 2,097.71.
The winners were led by iron and steel, petroleum and coal products and banking problems.
The US dollar moved closer to the lower 110 yen area after moving closer to the upper 109 yen range as investors sold the yen as a safe haven after a rally in Tokyo stocks improved the investor risk appetite, brokers said.
North Korea’s successful test firing of a new long-range cruise missile over the weekend, according to the Korean Central News Agency, had limited impact on the currency market, said. they stated.
At 5 p.m., the dollar hit 110.08-09 yen against 109.86-96 yen in New York and 109.94-96 yen in Tokyo by 5 p.m. on Friday.
The euro was listed at $ 1.1786-1787 and 129.74-78 yen against $ 1.1806-1816 and 129.76-86 yen in New York and $ 1.1842-1843 and 130.19-23 yen in Tokyo late Friday afternoon.
The benchmark 10-year Japanese government bond was not traded on Monday as investors sat on the sidelines pending the release of the US consumer price index for August, which will be released on Tuesday. The 10-year bond yield closed at 0.040% on Friday.
Shares traded in negative territory for most of the day, with investors making gains after the Nikkei closed on Friday at its highest level since Feb. 16, brokers said.
But positive market sentiment persisted in hopes that Prime Minister Yoshihide Suga’s successor would compile a new economic back-up plan to gain popularity after Suga said earlier this month he would not be running for office. the ruling Liberal Democratic Party’s presidential race, brokers said.
The LDP leader serves as prime minister because the party controls the House of Representatives, and general elections will be held this fall after the LDP presidential election.
“There was a sense of overheating in the market after the recent strong rises, but bullish sentiment has remained among retail investors, and foreign investors are also starting to buy Japanese stocks,” said Chihiro Ota, deputy managing director of investment research at SMBC Nikko Securities Inc..
Gains were limited by Toyota’s announcement on Friday that it would reduce its global production outlook, triggering the sale of some automakers and parts, brokers said.
The automaker lost 164 yen, or 1.6%, to 9,795 yen, after saying it cut its global production outlook for the current fiscal year through March from about 300,000 units to about 9 million vehicles due to the spread of COVID-19 and a semiconductor crisis. .
Toyota’s announcement fueled fears about supply issues for other automakers, as Toyota was seen to have weathered the impact of the coronavirus pandemic and the chip tightening relatively well, brokers said.
Among other automakers, Honda Motor fell 44 yen, or 1.3%, to 3,387 yen, Mitsubishi Motors fell 3 yen, or 1.0%, to 284 yen, and Nissan Motor fell 6 , 50 yen, or 1.1%, to 565.10 yen.
But Mitsui High-tec, a maker of onboard motor cores used in hybrid and electric vehicles, jumped 1,500 yen, or 21.2 percent, to hit its maximum daily limit of 8,580 yen. The electric machinery maker on Friday revised its profit forecast for the year to January 2022 upwards on Friday amid stronger than expected spare parts demand for electrified cars.
Renesas Electronics, a leading maker of semiconductors used in cars, jumped 60 yen, or 4.4%, to 1,430 yen as Toyota’s announcement raises expectations that strong demand for its chips will continue .
On the first section, the increasing emissions outnumbered the decreases from 1,534 to 554, while 101 ended unchanged.
Main section trade volume fell to 1,135.44 million shares from 1,486.00 million shares on Friday.
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