Wednesday, 24 July 2019
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Nikkei rebounds from 3-week low as automakers, machinery stocks gain

Japan's Nikkei surged on Tuesday, rebounding from a three-week low, as a weaker yen boosted demand for shares of exporters such as automakers and machinery makers.

The Nikkei share average jumped 2 percent to 20,745.28 points by the end of morning session, after posting its biggest one-day loss since early January on Friday. Japanese markets were closed on Monday for a holiday.

The dollar has gained against the yen over the last week, pushing up earnings prospects for machinery, auto and electronics products makers. It was steady at 110.37 yen on Tuesday.

Advantest Corp jumped 4 percent, Honda Motor Co rose 1.7 percent, Mazda Motor surged 3.5 percent and Panasonic Corp added 2.6 percent and Hitachi Ltd advanced 1.6 percent.

The broader Topix gained 1.9 percent to 1,568.04.

Source: Reuters

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