TOKYO: Japan’s Nikkei share average ended more than 1% higher on Thursday, boosted by Toyota Motor and other auto shares amid a weaker yen.
The Nikkei rose 1.12% to close at 39,568.06. The broader Topix closed up 1.2% to 2,766.78.
Toyota Motor rose 5.99%, jumping for a second session after local media reported the automaker would double its return on equity target to 20% by around 2030.
“Toyota shares boosted the market and the environment is good for automakers as the yen remained weak,” said Takehiko Masuzawa, trading head at Phillip Securities Japan.
The auto sector rose 4.58% to become the top performer among the 33 industry sub-indexes on the Tokyo Stock Exchange (TSE).
Honda Motor rose 3.84% and Nissan Motor jumped 6.58%.
A weaker Japanese currency tends to boost shares of exporters, as it increases the value of overseas profits in yen terms when firms repatriate them to Japan.
The yen languished near a five-month low on Wednesday, and was last at 157.37 per dollar.
Source: Brecorder
