Japan's Nikkei surges on Wall Street rally, weaker yen

  • Reuters
  • Stock Market News
Japan's Nikkei surges on Wall Street rally, weaker yen
Credit: © Reuters.

* Nikkei up 1.79 pct, Topix gains 1.52 pct

* Techs lifted after U.S. peers surge

* Continuing yen weakness buoys exporters

By Shinichi Saoshiro

TOKYO, March 12 (Reuters) - Japan's Nikkei share average surged to a six-day high on Tuesday, as a combination of a tech-led rally on Wall Street, gains in Asian markets and extended falls in the yen led to broad-based buying.

The Nikkei .N225 ended the day up 1.8 percent at 21,503.69 after brushing 21,568.48, its highest since March 6.

The index pulled away from a three-week low of 20,938.00 plumbed on Monday after much weaker-than-expected February U.S. job data knocked global shares lower.

"The fact that U.S. shares managed to rise despite a fall by Boeing (NYSE: BA ) has lent support to domestic stocks," said Yoshinori Ogawa, senior strategist at Okasan Securities.

"But further upside is likely to be limited as there are many events to digest this week, such as the Bank of Japan's policy meeting, a series of U.S. economic data releases and Brexit events."

U.S. stocks jumped on Monday as the technology sector led a broad-based rebound following five straight sessions of losses. .N

Japanese technology shares tracked their U.S. peers higher. Chip equipment manufacturer Tokyo Electron 8035.T added 2.1 percent, TDK Corp 6857.T gained 4.5 percent and silicon products maker Sumco Corp 3436.T gained 2.2 percent.

The yen gave ground to the dollar for the second day, lifting exporters. Honda Motor Co 7267.T climbed 1.1 percent, Panasonic Corp 6752.T rose 2.2 percent and robot manufacturer Fanuc Corp 6954.T advanced 2.3 percent.

Healthcare and medical device maker Omron Corp 6645.T rose 4.4 percent following the company's inclusion in the Nikkei 225 starting Mar. 18.

Ryoyo Electro Corp 8068.T rallied 7.7 percent after the company, which sells semiconductors, saw it recurring profit soar 241 percent to 1.47 billion yen ($13.20 million) for the year through January 2019. yarn and cloth maker Hagihara Industries Inc 7856.T dropped 7.6 percent after posting a net loss of 423 million yen in the November-January quarter. of the 33 subindexes on the Tokyo Stock Exchange were in positive territory, led by securities .ISECU.T and electric machinery .IELEC.T .

The broader Topix .TOPX gained 1.52 percent to 1,605.48.

Advancing issued outnumbered declining ones 1,893 to 185. ($1 = 111.3900 yen) (Editing by Shri Navaratnam)

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