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Nikkei gains 1.03 pct as yen's retreat on Fed's rate hike hopes propels exporters

Xinhua, November 5, 2015 Adjust font size:

Tokyo shares closed higher Thursday as the U.S. Federal Reserve's indication that it may raise its key interest rate next month sent the yen lower versus its U.S. counterpart, spurring the buying of export-related issues.

The 225-issue Nikkei Stock Average closed up 189.50 points, or 1.03 percent, from Wednesday at 19,116.41, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 14.67 points, or 0.95 percent, to end the day at 1,555.10.

Local brokers said that the yen's retreat supported buying of export-related issues as their competitiveness in overseas markets rises on a weaker yen, as do the profit yields when repatriated.

The day's gainers comprised foods, shipping and nonferrous metals stocks and the turnover was 3,041.1 billion yen (about 25.02 billion U.S. dollars). Endit