Nikkei rallies to 1-1/2 week high on weaker yen, China trade data

  • Reuters
  • Stock Market News
Nikkei rallies to 1-1/2 week high on weaker yen, China trade data
Credit: © Reuters.

By Joshua Hunt
TOKYO, April 13 (Reuters) - Japanese stocks surged to a
fresh 1-1/2 week high on Wednesday as exporters gained on a
retreat by the yen while appetites for riskier assets were
lifted by upbeat Chinese trade data offering hope the region's
largest economy was stabilising.
The Nikkei share average .N225 had its biggest gain since
March 2, climbed 2.8 percent to 16,381.22, its highest close
this month.
"Recent buying and selling has been closely tied to yen
movements, but I think the market has finally started to
discount negative factors like yen appreciation and negative
earnings growth," said Hiroki Takashi, chief strategist at
Tokyo's Monex Group.
"Investors have recognized that this market reached its
bottom."
The safe-haven yen slid from recent peaks against the U.S.
dollar after solid gains in oil prices helped underpin risk
appetites, boosting the outlook for Japan's corporate profits.
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Appliance and home goods exporter Panasonic Corp 6752.T
ended the day 3.3 percent higher. Auto exporters Toyota Motor
Corp 7203.T and Honda Motor Co Ltd 7267.T both gained more
than 2.5 percent while Nissan Motor Co Ltd 7201.T climbed 3.4
percent.
Sun Corp 6736.T ended the day 16.7 percent higher after
announcing its Israeli subsidiary company Cellebrite had signed
a partnership agreement with European law enforcement agency
Interpol.
International media previously reported Cellebrite may have
helped the U.S. Federal Bureau of Investigation access the
contents of a locked iPhone used by a man involved in a mass
killing in San Bernardino, California.
Ono Pharmaceutical Co Ltd 4528.T rose a fifth straight
day, soaring 6.3 percent to 5,722 yen after Credit Suisse (SIX: CSGN ) raised
its target price to 6,200 yen a share from 5,000 yen.
The broader Topix .TOPX climbed 2.6 percent to end the day
at 1,332.44 with each of its 33 subindexes in positive
territory.
The JPX-Nikkei Index 400 .JPXNK400 rose 2.7 percent to
12,035.02.

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