Tokyo stocks end higher as yen plunge lifts exporters

Tokyo stocks closed higher on Thursday, with the benchmark Nikkei briefly climbing over 2 percent, as exporter issues were sought following the yen's plunge against the U.S. dollar on Japanese Prime Minister Shigeru Ishiba's dovish comments. Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended up 743.30 points, or 1.97 percent, from Wednesday at 38,552.06. The broader Topix index, meanwhile, finished 31.75 points, or 1.20 percent, higher at 2,683.71. The new Japanese leader said Wednesday evening that he believes the current environment is not suitable for another interest rate hike, which caused the Japanese currency to fall by more than 3 yen to its lowest level in over a month at the lower 147 level versus the U.S. dollar on Thursday. Market watchers here noted that investors were surprised by Ishiba's dovish remarks, while dollar buying was also supported by reduced expectations of a sharp interest rate cut by the U.S. Federal Reserve following stronger-than-expected jobs-r elated data released Wednesday. On the stock market, gains were led by export-oriented issues following the yen's weakness. Market participants also sought bargains after the Nikkei slid over 2 percent the previous day, analysts said. Source: The Namibia News Agency