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Tokyo stocks end higher after 5-day losing streak on bargain hunting

This Oct. 1, 2020 file photo shows the Tokyo Stock Exchange. (Mainichi)

TOKYO (Kyodo) -- Tokyo stocks ended higher Wednesday, snapping a five-day losing streak that saw the Nikkei index tumble to a six-month low as investors scooped up recently battered shares.

    The 225-issue Nikkei Stock Average ended up 159.84 points, or 0.58 percent, from Tuesday at 27,548.00. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 15.52 points, or 0.82 percent, higher at 1,904.41.

    Gainers were led by transportation equipment, metal product and nonferrous metal issues.

    The U.S. dollar inched up into the lower 110 yen range following a rise in U.S. Treasury yields overnight, dealers said.

    At 5 p.m., the dollar fetched 110.08-10 yen compared with 109.82-92 yen in New York and 109.62-63 yen in Tokyo at 5 p.m. Tuesday.

    The euro was quoted at $1.1760-1761 and 129.46-50 yen against $1.1775-1785 and 129.40-50 yen in New York and $1.1783-1784 and 129.17-21 yen in Tokyo late Tuesday afternoon.

    The yield on the benchmark 10-year Japanese government bond was unchanged from Tuesday's close at 0.010 percent.

    Stocks were higher from the outset, with the Nikkei briefly rising nearly 500 points in the morning following a five-day fall that saw the index drop over 1,300 points in total to its lowest level since Jan. 6 on fears a spread of the highly contagious Delta coronavirus variant would slow down global economic recovery.

    The market's gains were trimmed later in the day amid a lack of fresh trading cues ahead of a four-day weekend in Japan and the beginning of the Tokyo Olympics.

    "The market regained composure after overreacting to an increase in COVID-19 cases over the past few days," said Masashi Samizo, senior market analyst at SMBC Trust Bank.

    Investors refrained from making large moves out of concern that global markets may fluctuate greatly during the four-day weekend in Japan, he added.

    On the First Section, advancing issues outnumbered decliners 1,748 to 352, while 91 ended unchanged.

    Air transportation issues surged after the sector's losses over seven consecutive trading days, brokers said.

    ANA Holdings rose 27 yen, or 1.1 percent, to 2,519 yen, and Japan Airlines was up 30 yen, or 1.3 percent, to 2,281 yen.

    Export-related shares saw a boost after the yen weakened against the U.S. dollar overnight. They gained further support as government data showed earlier in the day Japan's exports in the first half of 2021 jumped 23.2 percent from a year earlier, marking the largest year-on-year growth in 11 years, brokers said.

    Honda Motor climbed 37 yen, or 1.1 percent, to 3,418 yen, and Mitsubishi Motors gained 3 yen, or 1.1 percent, to 279 yen, while electrical appliance manufacturer Sharp advanced 19 yen, or 1.1 percent, to 1,716 yen.

    Trading volume on the main section fell to 937.25 million shares from Tuesday's 1,086.46 million shares.

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