Japanese shares climbed in Thursday morning trading following gains on Wall Street as exporters were boosted by a weaker yen.
The Nikkei 225 Stock Average gained 119.96 points, or 1.26 per cent, to trade at 9609.3 while the broader Topix index was up 8.33 points, or 0.98 per cent, at 854.26.
Auto shares rose Thursday, buoyed by Toyota Motor Corp’s upbeat earnings reports released Wednesday after Japan’s market closed.
Toyota reported a group net profit of 190.4 billion yen (2.23 billion dollars) for the April—June quarter, a turnaround from a 77.8—billion—yen net loss a year earlier, due in part to strong hybrid car sales.
US shares rose Wednesday, erasing losses from Tuesday and posting net gains over Monday, over a report that companies had added more workers than expected last month.
On currency markets at 9 am (0000 GMT), the dollar traded at 86.34—36 yen, up from Wednesday’s 5 pm quotes of 85.52—53 yen in Tokyo.
The euro traded at 1.3154—3156 dollars, down from 1.3198—3199 dollars Wednesday, and at 113.57—61 yen, up from 112.87—91 yen.
A weaker yen makes Japanese exports more competitive and improves overseas earnings when the revenues are repatriated.
