Japan's Nikkei rises on corporate earnings boost, weak yen
15/05/2023 04:11
TOKYO, May 15 (Reuters) - Japan's Nikkei index rose to
its highest in 1-1/2 years on Monday, as investors sought stocks
with robust earnings, while the yen's weakness also boosted
sentiment.
The Nikkei share average .N225 rose 0.4% to 29,505.80 by
the midday break, crossing 25,500 for the first time since
November 2021. The broader Topix .TOPX rose 0.49% to 2,106.74.
"Investors scooped up individual stocks that reported
positive earnings, which boosted the overall market," said Maki
Sawada, a strategist at Nomura Securities.
The U.S. dollar =USD kept its strength against a basket
of major currencies, after posting the biggest weekly gain last
week.
A softer yen tends to help exporter shares as it increases
the value of overseas profits in yen terms when companies
repatriate them to Japan.
Among individual shares, Shiseido 4911.T jumped 4.51%
after the cosmetic maker beat consensus by posting a 97% jump in
its net profit for three months through March.
Beer maker Asahi Group Holdings 2502.T rose 2.91% after
its quarterly net profit grew more than four times.
Phone company NTT 9432.T advanced 3.295 after announcing a
stock split.
SBI Shinsei Bank 8303.T surged 8.47% after Japanese online
financial conglomerate SBI Holdings Inc 8473.T said it would
take midsize lender private.
SBI Holdings rose 2.41%.
Uniqlo brand owner Fast Retailing 9983.T rose 0.7% to
provide the biggest boost to the Nikkei. Air-conditioning maker
Daikin Industries 6367.T
Bucking the trend, medical equipment maker Olympus 7733.T
fell 7.65% to weigh on the Nikkei the most. Chip-making
equipment maker Tokyo Electron 8035.T lost 1.46%.
(Reporting by Junko Fujita; editing by Uttaresh Venkateshwaran)
((junko.fujita@thomsonreuters.com;))