Japanese stocks rose, driving benchmark indexes to their highest levels in more than a month, as the yen weakened from yesterday’s close of stock trading in Tokyo and after metal prices advanced.
Fanuc Ltd., a maker of industrial robots that earns about 80 percent of revenue overseas, gained 0.7 percent as the weaker yen boosted the outlook for export earnings. Honda Motor Co., a carmaker that makes more than 80 percent of its sales abroad, climbed 1.1 percent. Mitsui & Co., a trading company that counts commodities as its biggest source of profit, rose 0.7 percent as aluminum, copper, nickel and tin prices increased in London.
“The biggest point of interest for investors who trade Japanese stocks is the yen,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc.
The Nikkei 225 Stock Average gained 0.8 percent to 9,581.20 as of 9:07 a.m. in Tokyo. The broader Topix climbed 0.6 percent to 849.86, with almost four times as many shares advancing as declining.
The Topix had fallen 8 percent this year to Sept. 14, the second-biggest drop among benchmark indexes for the world’s 15- largest stock markets. That was the day before Japan’s government said it acted in the currency market to weaken the yen for the first time since 2004.
The yen depreciated to as low as 112.33 against the euro today in Tokyo from 110.85 at the close of stock trading yesterday. Against the dollar, Japan’s currency weakened to 85.91 from 85.36. A weaker yen boosts overseas income at Japanese companies when converted into their home currency.
The London Metal Exchange Index of six metals including aluminum and copper gained 0.8 percent yesterday to the highest level since April 26. Copper futures rose to a one-week high in New York yesterday as the dollar’s decline boosted the appeal of metals as an alternative investment. Tin climbed to the highest price since 2008.
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