Tokyo stocks close higher as yen's retreat gives exporters a boost

Source: Xinhua| 2018-04-24 17:47:43|Editor: ZD
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TOKYO, April 24 (Xinhua) -- Tokyo stocks closed higher Tuesday as investor sentiment was lifted by the yen's retreat against the U.S. dollar which sent exporter issues higher.

The 225-issue Nikkei Stock Average gained 190.08 points, or 0.86 percent, from Monday to close the day at 22,278.12, marking its highest closing level since Feb. 27.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 18.96 points, or 1.08 percent, to finish at 1,769.75.

Market strategists here said that a comparatively weak yen against the U.S. dollar lifted exporter issues, like automakers and electric appliance-related issues, as their profits stand to be increased when repatriated when the yen is weak.

Japanese products with a broad exposure to oversees markets also see their competitiveness increased when the yen is weaker than its major counterparts, which is a boon for exporters, they added.

The market's upside was capped however, by investors hitting the sidelines in later trade ahead of more domestic earnings reports due out this week, local brokers said.

By the close of play, transportation equipment, marine transportation and bank-oriented issues comprised those that gained the most, and rising issues beat falling ones by 1,603 to 415 on the First Section, with 64 ending the day unchanged.

On the main section on Tuesday, 1,469.94 million shares changed hands, rising from Monday's volume of 1,343.83 million shares.

The turnover on the second trading day of the week came to 2,434.9 billion yen (22.36 billion U.S. dollars).