TOKYO: Japanese stocks rose for a third day as a weaker yen boosted the outlook for exporters as overseas shipments increase. Brokerages and shippers led gains.
Camera maker Nikon Corp., which gets 84 percent of sales abroad, advanced 1.5 percent. Nomura Holdings Inc. jumped more than 4 percent for a second day, leading brokerages higher. Japan Tobacco Inc. soared 5.1 after JPMorgan Chase & Co. raised its rating on the company. JSR Corp. slumped 6.2 percent after the rubber products-maker forecast smaller-than-expected operating profit.
The Topix index climbed 0.4 percent to 1,628.58 as of 12:40 p.m. in Tokyo, with all but nine of its 33 industry groups rising. The Nikkei 225 Stock Average added 0.3 percent to 20,191.65 after closing above 20,000 Wednesday for the first time in 15 years. The yen traded 119.93 per dollar after weakening 0.9 percent over the past three days.
“Economic indicators in the U.S. are shaking off cold-weather-related weakness and providing some relief that we won’t see negative surprises,” said Mitsushige Akino, an executive officer at Ichiyoshi Asset Management Co. in Tokyo. “As a result, the yen is on course to weaken more. Ahead of a series of long holidays, Japanese stocks will probably continue testing the highs,” added Akino, referring to Japan’s Golden Week holidays in early May.
