Japanese stocks closed at new highs, at the end of trading on Wednesday, as the weakest price of the yen since November supported the stocks of car manufacturers, while energy stocks achieved gains amid the rise in crude oil prices.
The Nikkei index closed up 0.62 percent at 33,241.02 points, its highest closing level in a month.
The Topix index ended trading up 0.62 percent at 2,392.53 points, its highest level in 33 years.
The two indices recorded an increase for the eighth consecutive session, which is the longest period of gains for the Nikkei since mid-May and the longest for the Topix since mid-April.
“The dollar continues to rise against the yen and makes Japan’s entire export sector more competitive,” said Tony Sycamore, market analyst at IG, expecting the Nikkei to reach 35,000 this year.
“I don’t see at the moment really anything destabilizing the dollar against the yen or the Nikkei index, both of which look very strong,” he added.
The transportation equipment sector was among the 33 best performing industrial groups on the Tokyo Stock Exchange, jumping 2 percent as the yen depreciated to about 148 to the dollar, boosting the value of overseas earnings.
Honda, Toyota and Mazda shares rose 1.91 percent, 2.39 percent and 4.67 percent, respectively.
Shares of oil and coal companies rose 1.47 percent after the price of crude oil exceeded $90 a barrel for the first time since November, due to Saudi Arabia and Russia extending voluntary supply cuts until the end of the year.
2023-09-06 07:37:58
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