Tokyo shares end higher on firming dollar
- By AFP -
- Nov 22, 2022
TOKYO: Tokyo stocks advanced Tuesday, with exporters bolstered by a stronger dollar, though many investors took to the sidelines ahead of a series of holidays in major markets.
The benchmark Nikkei 225 index ended up 0.61 percent, or 170.95 points, at 28,115.74, while the broader Topix index rose 1.12 percent, or 22.18 points, at 1,994.75.
The dollar stood at 141.88 yen, hovering near 142.10 yen in New York late Monday.
“Investors preferred risks as the yen drifted lower in the forex market, as well as on hopes that the speed of US rate hikes will decelerate,” Daiwa Securities said in a commentary.
A wide range of shares enjoyed gains, with aviation firms, shipping, steel and banks among the winners of the day.
Still, the Tokyo market’s rise appeared “very defensive,” with utilities and pharmaceutical firms also among major gainers, Stephen Innes of SPI Asset Management wrote in a note.
Many investors sat on their hands ahead of a Japanese public holiday on Wednesday, a series of major US data including housing and Fed meeting minutes, and the US Thanksgiving holiday on Thursday.
Among major shares, Toyota rose 2.35 percent to 2,050. Sony Group gained 1.69 percent to 11,445 yen.
Air carrier ANA Holdings rose 1.01 percent to 2,892 yen, while rival Japan Airlines added 1.55 percent to 2,678 yen.
Nippon Steel rose 1.82 percent to 2,268.5 yen.
But Uniqlo operator Fast Retailing lost 0.89 percent to 81,430.