Nikkei hits 8-month high as weak yen lifts exporters

jueves 11 de septiembre de 2014 22:16 GYT

* Nikkei up for 5 straight session
    * Kuroda's comments seen pressuring yen and supporting
    * Nikon, Sumco, automakers lead gains

    By Hideyuki Sano
    TOKYO, Sept 12 (Reuters) - Japanese share prices rose for
the fifth straight session to an eight-month high on Friday,
with exporters leading the gains on the yen's weakness.
    Japan's Nikkei share average rose 0.4 percent to 15,979.24
points, hitting its highest level since late January at
one point. 
    If gains were sustained, it will be up 1.9 percent for the
week, outperforming most other share markets in the world that
dropped this week.
    While the prospects of earlier and faster rate hikes by the
U.S. Federal Reserve have hurt shares around the globe, they
have helped to weaken the yen to six-year low of 107.29 to the
dollar, thus lifting many Japanese exporters shares.
    In addition, Bank of Japan Governor Haruhiko Kuroda told
Prime Minister Shinzo Abe on Thursday he is prepared to take
whatever steps needed to achieve the central bank's 2 percent
inflation target if it comes under threat. 
    "BOJ governor Kuroda reiterated last night that monetary
policy in Japan is remaining extremely accommodative. There's no
suggestion of policy normalisation you're seeing in the U.S.,"
said Stefan Worrall, director of equity cash sales at Credit
Suisse in Tokyo.
    Exporters seen as having high sensitivity to the yen's fall
led the gains, with camera maker Nikon rising 2.2
percent and silicon wafer manufacturer Sumco Corp 4.2
    Fuji Heavy Industries Ltd added 1.8 percent while
Toyota rose 1.5 percent.
    Some market players also say exporters have further room for
gains, noting that their rises have been relatively small in
comparison to the size of the yen's fall.
    The yen has fallen 4.2 percent since the end of July but the
Nikkei has risen only 2.2 percent in the same period.
    "The Nikkei has been slow to catch up to the moves that
we've seen so far in the currency. Exporters, in particular,
deserve further upside," Worrall said.
    The broader Topix gained 0.3 percent, hitting a
six-year high while the new JPX-Nikkei Index 400 
rose 0.2 percent.
    Bank shares also gained as rise in bond yields
raised hopes for higher interest income in the future.
    SMFG rose 0.8 percent while Mitsubishi UFJ
Financial Group gained 0.8 percent. 
    Sony rose 2.8 percent, hitting a 13-month high,
extending its recovery after the announcement of strong
quarterly earning results last month.

 (Additional reportin by Tomo Uetake; Editing by Kim Coghill)