Japanese shares rise as weaker yen lifts carmakers

Japanese stocks climbed Thursday morning as major automotive manufacturers were buoyed by the yen’s weakening against major currencies. The benchmark Nikkei 225 Stock Average gained 40.67 points, or 0.4 per cent, to trade at 10,091.19 at the end of the morning session at 11:30 am (0230 GMT). The broader Topix index was up 2.79 points, or 0.33 per cent, at 859.9. Exporters such as auto makers rose as the yen fell, hitting the 84-yen level to the dollar for the first time in 11 months. A weaker yen makes Japanese goods less expensive overseas and improves repatriated earnings. Shares in Toyota Motor Corp jumped 1.72 per cent, Honda Motor Co gained 2.2 per cent and Mazda Motor Corp surged 3.03 per cent. On currency markets at 11:30 am, the dollar traded at 84.00-02 yen, up from Wednesday’s 5 pm quote of 83.23-24 yen. The euro was quoted at 109.41-46 yen, up from 108.59-63 yen late Wednesday, and at 1.3025-3030 dollars, down from 1.3047-3048 dollars. Keywords: Asian markets, Nikkei