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Nikkei rises as weak yen boosts exporters; eye on U.S.-China talks

Published 2019/10/08, 05:10
Updated 2019/10/08, 05:20
© Reuters.  Nikkei rises as weak yen boosts exporters; eye on U.S.-China talks

TOKYO, Oct 8 (Reuters) - Japanese shares rose on Tuesday as a weaker yen boosted exporters, but volume was thin as many investors were sidelined ahead of high-level China-U.S. talks this week to resolve a damaging trade war.

The benchmark Nikkei average .N225 rose 1.0% to 21,596.47 by the midday break, while the broader Topix .TOPX added 0.8% to 1,585.64, with all but one of its 33 subindexes trading in positive territory.

Chinese Vice Premier Liu He is scheduled to meet U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Washington this week, but hopes for a deal dimmed on Monday after President Donald Trump said a quick agreement was unlikely. the dollar rallied against the yen from a low of 106.55 yen to as high as 107.465 yen JPY= , providing a boost for shares of Japanese exporters as a weak yen enhances corporate profits when they are repatriated.

Among blue-chip exporters, Toyota Motor Co 7203.T rose 1.2%, Tokyo Electron 8035.T advanced 1.6% and Omron Corp 6645.T added 3.1%.

Investor sentiment was also helped by solid starts on the Shanghai .SSEC and Hong Kong .HSI stock markets after a one-week holiday in China.

Oil and coal products .IPETE.T , metal products .IMETL.T and precision machinery .IPRCS.T were the top three performers in the Tokyo bourse's 33 sector subindexes, up 2.1%, 2.0% and 1.9%, respectively.

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