* Automakers, electronics shares gain
* Financials outperform
* Ono Pharma jumps on hopes Opdivo will be approved for stomach cancer treatment
By Ayai Tomisawa
TOKYO, Sept 11 (Reuters) - Japan's Nikkei rallied to a one-week high on Monday morning after the dollar recovered against the yen, lifting recently battered exporters and financial stocks which had stumbled amid the simmering tensions on the Korean peninsula.
The Nikkei share average .N225 rose 1.5 percent to 19,560.40 in midmorning trade, after hitting a high of 19,567.03, its best level since Sept. 4.
The United States and its allies had been bracing for another long-range missile launch in time for the 69th anniversary of North Korea's founding on Saturday, but the weekend passed without any missile launches. dollar added 0.5 percent to 108.38 yen JPY= , moving away from a 10-month nadir of 107.32 yen touched on Friday.
"There were fears about Japanese companies' earnings when the dollar dropped below 108 yen," said Yoshinori Shigemi, global market strategist at JPMorgan (NYSE: JPM ) Asset Management.
Most Japanese companies expect the pair to trade between 108-110 yen this fiscal year.
Automakers, technology stocks and electronics parts makers surged, with Toyota Motor Corp 7203.T rising 1.3 percent, Honda Motor Co 7267.T soaring 2.0 percent, Hitachi Ltd 6501.T adding 1.4 percent and Murata Manufacturing Co 6981.T surging 2.8 percent.
The pharmaceutical sector .IPHAM.T rose 1.9 percent and was one of the best performers on the board with Ono Pharmaceutical Co 4528.T jumping 4.2 percent after the health ministry said that a group in the ministry decided that the use of Ono's Opdivo to treat stomach cancer is ready to be officially announced. broader Topix .TOPX gained 1.4 percent to 1,615.18. (Editing by Shri Navaratnam)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.