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Nikkei rallies to over 3-month high; weaker yen lifts auto shares
Wednesday, 3 June 2020 14:02 WIB | MARKET UPDATE |Nikkei 225IndeksTopix

Japan's stock benchmark Nikkei advanced to a more than three-month high on Wednesday, as a rapidly weakening yen and a so-called fear of missing out, or "FOMO", from investors boosted automakers and other cyclical sectors.

The Nikkei average gained 1.3% to 22,613.76, its highest closing level since Feb. 21.

The yen rapidly weakened overnight against both the U.S. dollar and the euro, on optimism the worst of the economic downturn from the COVID-19 crisis is over as well as on hopes of additional support from the European policymakers.

The dollar/yen hit a two-month high of 108.850 yen, while the euro/yen touched a 4-1/2-month high of 121.805 yen early Wednesday.

As a soft yen boosts Japanese manufacturers' profits made abroad when repatriated, automaker stocks attracted buying.

The broader Topix rose 0.7% to 1,599.08, its highest closing since Feb. 26, with all but five of the 33 sector sub-indexes on the Tokyo exchange ending firmer.

Source : Reuters

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