May 20, 2016 / 6:37 AM / 2 years ago

Nikkei rises on weaker yen; investors focus turns to G7 talks

TOKYO, May 20 (Reuters) - Tokyo stocks rose on Friday as the dollar held its recent gains on the yen, tempering some of the recent worries over the Japanese currency’s strength and the negative impact on exporters.

The Nikkei share average rose 0.5 percent to 16,736.35, ending the week 2 percent higher.

Volume and turnover were thin as many investors waited on the sidelines while Group of Seven finance ministers began a two-day meeting that many hope will provide some clarity over the conduct of global monetary and fiscal policies.

The U.S. dollar remained above the crucial psychological level of 110 yen, buoyed by growing expectations the Fed could raise interest rates in the U.S. as early as next month.

Japan’s automakers, which rely heavily on export sales for profits, outperformed the broader market due to the yen’s weakness. Toyota Motor Corp shares rose 1.2 percent while Mazda Motor Corp climbed 1.6 percent and Nissan Motor Co Ltd gained 0.9 percent.

The broader Topix climbed 0.5 percent to 1,343.40 and ended the week 1.8 percent higher.

The JPX-Nikkei Index 400 rose 0.4 percent to 12,136.17. (Reporting by Joshua Hunt; Editing by Shri Navaratnam)

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