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Nikkei ends higher in 4-day rally on weak yen against U.S. dollar

Tokyo stocks ended higher Tuesday, with the Nikkei extending its winning streak to four days, as sentiment was lifted by the yen's decline against the U.S. dollar.
The 225-issue Nikkei Stock Average ended up 178.20 points, or 0.66 percent, from Monday at 27,049.47. The broader Topix index finished 19.96 points, or 1.06 percent, higher at 1,907.38.
On the top-tier Prime Market, gainers were led by mining, real estate, and oil and coal product issues.
The U.S. dollar remained firm in the lower 135 yen range as an overnight rise in U.S. Treasury yields raised expectations that the interest rate gap between Japan and the United States would widen, dealers said.
The Nikkei index was mostly in positive territory throughout the day, climbing above the 27,000 mark for the first time in two weeks, as the weak yen prompted buying in export-related issues, brokers said.
Among exporters, automaker Toyota Motor rose 46.0 yen, or 2.2 percent, to 2,167.5 yen, and Nissan Motor was up 17.2 yen, or 3.1 percent, to 566.2 yen.
"But investors refrained from chasing the upside as U.S. stock futures fell into negative territory, while sentiment was hurt by some weak Asian markets," said Yutaka Miura, senior technical analyst at Mizuho Securities Co.
Market participants also locked in profits after the benchmark Nikkei gained over 700 points across the last three trading days, he added.
Sentiment will continue to be weighed down by persistent fears of a recession in the United States caused by possible aggressive interest rate hikes, which will lead to higher borrowing costs for households and businesses, analysts said.
Among Prime Market issues, advancing issues outnumbered decliners 1,498 to 292, while 48 ended unchanged.
Shimamura jumped 910 yen, or 8.3 percent, to 11,850 yen, a day after the apparel retail chain released better-than-expected earnings results for its first business quarter as marketing utilizing social media and influencers buoyed sales.
Energy-related issues in particular were higher after crude oil futures rose during New York trading.
Refiner Idemitsu Kosan advanced 140 yen, or 4.4 percent, to 3,350 yen, Eneos Holdings added 10.2 yen, or 2.0 percent, to finish at 518.4 yen, and oil explorer Inpex surged 73 yen, or 4.9 percent, to 1,569 yen.
Trading volume on the Prime Market rose to 1,226.85 million shares from Monday's 1,109.57 million.


© KYODO
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