Japan's Nitori rallies amid stronger yen

Nitori Holdings Co

26/08/2024 04:57

** Shares of Japan's home interior retailer Nitori Holdings
 9843.T  gain over 3% vs Nikkei's  .N225  1% decline
    ** Investors bought the stock as a stronger yen is good for
the company, which relies heavily on imports for materials for
its products, including sofas, beds and kitchen goods
    **Yen  JPY=EBS  rises to a three-week high against U.S.
dollar after Federal Reserve Chair Jerome Powell said the time
had come to start easing policy
    **Nitori's shares have risen 21% this month, becoming
third-best performer among Nikkei's 225 components         
    **Notori had forecast the yen to trade at 130 yen per dollar
in the year to March 2024, while yen fell ~13% to around 151 yen
     
    **In the year to March 2025, Nitori expects the yen to trade
at 150 per dollar; the yen was last at 143.92 per dollar
    
    

($1 = 143.9700 yen)

 (Reporting by Junko Fujita)
 ((junko.fujita@thomsonreuters.com;))