April 13, 2016 / 6:37 AM / 2 years ago

Nikkei rallies to 1-1/2 week high on weaker yen, China trade data

TOKYO, April 13 (Reuters) - Japanese stocks surged to a fresh 1-1/2 week high on Wednesday as exporters gained on a retreat by the yen while appetites for riskier assets were lifted by upbeat Chinese trade data offering hope the region’s largest economy was stabilising.

The Nikkei share average had its biggest gain since March 2, climbed 2.8 percent to 16,381.22, its highest close this month.

“Recent buying and selling has been closely tied to yen movements, but I think the market has finally started to discount negative factors like yen appreciation and negative earnings growth,” said Hiroki Takashi, chief strategist at Tokyo’s Monex Group.

“Investors have recognized that this market reached its bottom.”

The safe-haven yen slid from recent peaks against the U.S. dollar after solid gains in oil prices helped underpin risk appetites, boosting the outlook for Japan’s corporate profits.

Appliance and home goods exporter Panasonic Corp ended the day 3.3 percent higher. Auto exporters Toyota Motor Corp and Honda Motor Co Ltd both gained more than 2.5 percent while Nissan Motor Co Ltd climbed 3.4 percent.

Sun Corp ended the day 16.7 percent higher after announcing its Israeli subsidiary company Cellebrite had signed a partnership agreement with European law enforcement agency Interpol.

International media previously reported Cellebrite may have helped the U.S. Federal Bureau of Investigation access the contents of a locked iPhone used by a man involved in a mass killing in San Bernardino, California.

Ono Pharmaceutical Co Ltd rose a fifth straight day, soaring 6.3 percent to 5,722 yen after Credit Suisse raised its target price to 6,200 yen a share from 5,000 yen.

The broader Topix climbed 2.6 percent to end the day at 1,332.44 with each of its 33 subindexes in positive territory.

The JPX-Nikkei Index 400 rose 2.7 percent to 12,035.02. (Reporting by Joshua Hunt; Editing by Richard Borsuk)

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