Japan shares at 6-week high as banks, exporters, Apple suppliers shine
Reuters
Published Sep 11, 2019 04:34
Japan shares at 6-week high as banks, exporters, Apple suppliers shine
By Stanley White
TOKYO, Sept 11 (Reuters) - Japanese stocks rose to a
six-week high on Wednesday as bank shares extended recent gains
thanks to rising bond yields, while major exporters reaped the
rewards of a faltering yen.
Suppliers to Apple Inc APPL.O also gained after the
California-based tech company announced a new lineup of iPhones.
At 0152 GMT, the Nikkei index was up 0.45% at 21,489.40
after earlier rising to 21,504.04, the highest since Aug. 1.
There were 193 advancers on the benchmark index against 30
decliners.
The largest percentage gainers were Fukuoka Financial Group
Inc 8354.T , up 7.48 %, followed by Concordia Financial Group
Ltd 7186.T gaining 6.33% and Resona Holdings Inc 8308.T up
by 5.94%.
The broader Topix .TOPX rose 0.87% to 1,571.52.
Japanese mega-bank shares rallied. Mitsubishi UFJ Financial
Group Inc 8306.T was up 3.87%, Sumitomo Mitsui Financial Group
Inc 8316.T rose 2.54%, and shares in Mizuho Financial Group
Inc 8411.T climbed 1.52%.
Yields on major government bonds have risen sharply
recently, which eases the path for Japan's banks to earn profits
on lending.
Toyota Motor Corp 7203.T rose 0.9%, Honda Motor Co
7267.T climbed 1.76% and Subaru Corp 7270.T gained 1.4% as a
weaker yen boosts exporters' earnings.
Japan-based Apple suppliers Murata Manufacturing Co 6981.T
rose 1.54%, Alps Alpine Co 6770.T jumped 3.05%, and Minebea
Mitsumi Inc 6479.T advanced 1.93%.
Daiichi Sankyo Co 4568.T , down 3.72%, was among the
largest percentage losses in the Nikkei index
(Editing by Shri Navaratnam)
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