Nikkei rises after weak yen lifts mood after upbeat U.S. data

lunes 3 de octubre de 2016 22:18 GYT
 

* Exporters, banks attract buying

* If dollar trades at 100 yen, companies will likely post marginal profits on net basis - Rakuten

By Ayai Tomisawa

TOKYO, Oct 4 (Reuters) - Japan's Nikkei share average rose on Tuesday morning after the yen weakened against the dollar on data suggesting the U.S. manufacturing sector grew more than expected in September.

The Nikkei gained 0.6 percent to 16,695.78 in midmorning trade.

Exporters were well supported as the dollar was up 0.3 percent to a 13-day high at 101.925 yen, with Toyota Motor Corp rising 1.6 percent and Honda Motor Co gaining 1.9 percent.

"The upbeat U.S. data is lifting expectations for the strong dollar trend, which helps earnings concerns recede for Japanese exporters," said Hikaru Sato, senior technical analyst at Daiwa Securities.

The Institute for Supply Management (ISM) said on Monday its index of national factory activity rose to 51.5 from 49.4 the prior month, beating analyst expectations in a Reuters poll. Levels above 50 indicate the sector is expanding.

Other exporters also attracted buying, with Panasonic Corp gaining 1.6 percent and Hitachi Ltd rising 1.8 percent.   Continuación...