News Column

Weak Yen Boosts Japanese Markets

June 10, 2013
Japanese yen

Japanese shares surged Monday as exporters were bolstered by the yen's fall and as investors picked up cheaper stocks after recent losses.

The benchmark Nikkei 225 Stock Average gained 636.67 points, or 4.94 per cent, to end at 13,514.2 after falling 6.51 per cent last week.

The broader-based Topix index was up 55.02 points, or 5.21 per cent, at 1,111.97 after losing 6.94 per cent last week.

The government said Monday that the nation's economy grew at an annualized rate of 4.1 per cent in the January-March period, revised up from a preliminary estimate of a 3.5-per-cent expansion.

On currency markets at 3 pm (0600 GMT), the dollar traded at 98.41-42 yen, up from Friday's 5 pm quote of 96.58-59 yen.

The euro was quoted at 129.86-87 yen, up from 127.93-97 yen late Friday, and at 1.3194-3196 dollars, down from 1.3246-3247 dollars.

A weaker yen makes Japanese more competitive overseas and improves repatriated earnings.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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