Japan's Topix ends at 2-1/2-month high, weak yen lifts auto stocks

TOKYO, Feb 16 (Reuters) - Japan's Topix index on Thursday closed at its highest in two-and-a-half months, as auto and tyre makers rallied following weakness in the yen, while Wall Street's strong finish overnight also lifted market sentiment. The broader Topix ended 0.71% higher at 27,696.44. "The weakened yen lifted sentient. There were not many market-moving cues, but the market was firm," said Shigetoshi Kamada, general manager at the research department at Tachibana Securities. The yen hovered near a six-week low against the dollar after strong U.S. retail sales data drove the greenback's gain. A softer yen tends to help exporter shares as it increases the value of overseas profits in yen terms when firms repatriate them to Japan. The automobile sector jumped 1.8%, with Toyota Motor rising 2.08% and Honda Motor gaining 1.16%.

Tyre makers jumped 1.73%, with Bridgestone rising 1.67%. Sumitomo Rubber Industries and Yokohama Rubber advanced 3.81% and 1.85%, respectively. Chip-making equipment maker Tokyo Electron rose 0.9% and chip-testing equipment maker Advantest climbed 0.99%. "An increase in foreign visitors raised expectations for economic growth," Kamada said.

Visitors to Japan climbed to nearly 1.5 million in January, the national tourism agency said on Wednesday, showing an accelerating recovery in tourism after the government scrapped COVID-19 curbs in October. Department store operators rose, with Matsuya and
Takashimaya adding 2.85% and 1.83%, respectively. Paper and pulp makers declined 0.77%, making the sector worst performer among sub-indexes. Oji Holdings slipped 0.95%. (Reporting by Junko Fujita; Editing by Subhranshu Sahu and Uttaresh.V)

Reuters

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off-the-wire

Japan&apos;s Topix ends at 2-1/2-month high, weak yen lifts auto stocks

By Reuters

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