Nikkei rises for 4th day on weaker yen; Fujitsu jumps

  • Reuters
  • Stock Market News
Nikkei rises for 4th day on weaker yen; Fujitsu jumps
Credit: © Reuters.

* A USD/JPY level of 105 seen within reach - analyst

* Financial, exporters, mining stocks outperform

By Ayai Tomisawa

TOKYO, Oct 6 (Reuters) - Japan's Nikkei share average rose for a fourth straight session on Thursday as a weaker yen boosted investors' risk appetite, while Fujitsu Ltd surged after a report that Lenovo is taking over Fujitsu's computer business. by gains in such cyclical stocks as financials and exporters, the Nikkei .N225 gained 0.8 percent to 16,949.51 points.

The dollar stood tall against the yen, trading at 103.34 yen JPY= , not far from a four-week high of 103.57 yen touched on Wednesday.

Fujitsu 6702.T surged as much as 8.6 percent to a near nine-month high after the Nikkei reported that China's Lenovo Group Ltd 0992.HK is set to take over its personal computer operations as the Japanese company seeks to focus on IT services and other higher-priority businesses.

Sentiment was also supported by upbeat U.S. services sector activity, which offset a weaker-than-expected report on private-sector job growth ahead of Friday's jobs report.

"It might be too early to be optimistic, but some people started to see that a dollar level of 105 yen is seen within a reach and Japanese corporate earnings will be helped," said Hiroyuki Nakai, a chief strategist at Tokai Tokyo Research Center.

Financial stocks outperformed, with Nomura Holdings 8604.T surging 2.5 percent, while insurers Sompo Holdings 8630.T jumping 7.5 percent and Dai-ichi Life Holdings 8750.T jumping 4.7 percent.

Exporters gained ground, with Toyota Motor Corp 7203.T advancing 1.4 percent while Panasonic Corp 6752.T rising 1.6 percent.

Mining stocks attracted buying after oil prices remained near June highs during Asian trade, levels reached the previous session when they were buoyed by a fall in U.S. crude inventories.

Inpex Corp 1605.T soared 3.8 percent while Japan Petroleum Exploration Co 1662.T surged 3.6 percent.

The broader Topix .TOPX rose 0.8 percent to 1,357.98 and the JPX-Nikkei Index 400 .JPXNK400 added 0.8 percent to 12,161.77. (Editing by Kim Coghill)

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