Weak yen helps Nikkei rise a 10th day, its longest win streak in 27 years

jueves 28 de mayo de 2015 02:36 GYT
 

* Nikkei's winning streak is longest since Feb 1988
    * Nikkei has risen 5.0 pct over 10 days
    * Dollar's gain gathers pace on Suga's comment

    TOKYO, May 28 (Reuters) - Japan's Nikkei share average rose
on Thursday, extending its gains to a 10th day as investors
hoped exporters' earnings will rise after the dollar hit its
highest against the yen since December 2002.
    The Nikkei 225 ended 0.4 percent higher to
20,551.46, another 15-year high. If it manages to close above
20,833.21 in coming days, it will be the highest closing price
since December 1996.
    The index has risen for 10 consecutive days, the longest
winning streak since February 1988. The Nikkei has gained 5
percent during the surge.  
    The dollar soared as high as 124.30 yen on
expectations the U.S. Federal Reserve will raise interest rates
later this year.
    The dollar's surge against the yen gathered pace during
Asian trade after Japan's top government spokesman Yoshihide
Suga merely said excessive volatility in the foreign exchange
market is not good but refrained from commenting further on
currency levels.
    "The rises are driven by foreign investors. Hedge funds,
which had not expected that the dollar would rise this much
against the yen, are seen buying Japanese shares," said Tsuyoshi
Nomaguchi, a strategist at Daiwa Securities.
    But he added that any news could trigger profit-taking and
warned that investors should be cautious about the sudden
turnaround in the market.
    "There is no such market which just keeps rising," Nomaguchi
said, adding that investors will stay focused on how U.S. yields
move.
    Automakers were in demand, with Toyota Motor Corp 
rising 1.7 percent, Honda Motor Co adding 1.7 percent
and Nissan Motor Co 1.4 percent.
    Fuji Heavy Industries finished 0.8 percent higher
at a record closing high of 4,727 yen as it sells more than half
of its cars in the United States, many of them exported from
Japan.
    Traders said strength in the U.S. economy, on top of the
weakening yen, helped power the maker of Subaru cars.
    The broader Topix gained 0.7 percent to 1,672.76 and
the JPX-Nikkei Index 400 also rose 0.7 percent, to
15,120.19.
    

 (Reporting by Ayai Tomisawa)