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Nikkei jumps to 1-week high on gains for exporters, financials
September 11, 2017 / 2:48 AM / 10 days ago

Nikkei jumps to 1-week high on gains for exporters, financials

* Automakers, electronics shares gain

* Financials outperform

* Ono Pharma jumps on hopes Opdivo will be approved for stomach cancer treatment

By Ayai Tomisawa

TOKYO, Sept 11 (Reuters) - Japan’s Nikkei rallied to a one-week high on Monday morning after the dollar recovered against the yen, lifting recently battered exporters and financial stocks which had stumbled amid the simmering tensions on the Korean peninsula.

The Nikkei share average rose 1.5 percent to 19,560.40 in midmorning trade, after hitting a high of 19,567.03, its best level since Sept. 4.

The United States and its allies had been bracing for another long-range missile launch in time for the 69th anniversary of North Korea’s founding on Saturday, but the weekend passed without any missile launches.

The dollar added 0.5 percent to 108.38 yen, moving away from a 10-month nadir of 107.32 yen touched on Friday.

“There were fears about Japanese companies’ earnings when the dollar dropped below 108 yen,” said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management.

Most Japanese companies expect the pair to trade between 108-110 yen this fiscal year.

Automakers, technology stocks and electronics parts makers surged, with Toyota Motor Corp rising 1.3 percent, Honda Motor Co soaring 2.0 percent, Hitachi Ltd adding 1.4 percent and Murata Manufacturing Co surging 2.8 percent.

Financial stocks were also higher, with Nomura Holdings rising 2.1 percent, Daiwa Securities Group gaining 1.7 percent and Mitsubishi UFJ Financial Group advancing 1.8 percent.

The pharmaceutical sector rose 1.9 percent and was one of the best performers on the board with Ono Pharmaceutical Co jumping 4.2 percent after the health ministry said that a group in the ministry decided that the use of Ono’s Opdivo to treat stomach cancer is ready to be officially announced.

The broader Topix gained 1.4 percent to 1,615.18. (Editing by Shri Navaratnam)

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