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Japan shares climb to 4-week high on U.S.-China trade deal optimism, weaker yen

Published 01/14/2020, 10:18 AM
Updated 01/14/2020, 03:40 PM
© Reuters. Japan shares climb to 4-week high on U.S.-China trade deal optimism, weaker yen
USD/JPY
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JP225
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RENA
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TOPX
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7201
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6506
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8035
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6758
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7453
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TOKYO, Jan 14 (Reuters) - Japanese shares rose to four-week
highs on Tuesday as markets resumed trading after a long
weekend, with signs of goodwill between Beijing and Washington
supporting risk assets ahead of the expected signing of a Phase
1 U.S.-China trade deal.
The Nikkei share average .N225 advanced as much as 0.9% to
24,059.86, its highest since Dec. 17, by mid-morning trade,
while the broader Topix .TOPX climbed as much as 0.4% to
1,736.50, also its four-week high.
The U.S. Treasury Department on Monday said China should no
longer be designated a currency manipulator - a label it applied
as the yuan slid in August. The yen plumbed a near eight-month low versus the dollar of
110.22 yen JPY= , providing a tailwind for Japanese exporters
as a weak local currency boosts corporate profits when they are
repatriated, while the yuan climbed to its highest since July.
The announcement came as a high-level Chinese delegation
arrived in Washington ahead of the signing of trade agreement on
Wednesday aimed at easing tensions between the two countries.
Tokyo-listed bluechip exporters Sony Corp 6758.T gained
2.5%, Yaskawa Electric Corp 6506.T jumped 3.2% and Tokyo
Electron 8035.T rose 1.8%.
Bucking the overall trend, Nissan Motor 7201.T shed 2.6%
to hit its lowest level in 8-1/2-years, a day after Renault
shares RENA.PA hit six-year lows on worries that the French
group's 20-year cost-sharing alliance with Nissan was headed for
a break-up without Carlos Ghosn. Elsewhere, Ryohin Keikaku 7453.T dived 19% after the
operator of Muji stores forecast its net profit for the
financial year ending February to fall 25.8%, worse than
expected.

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