October 6, 2016 8:44:56 am
Japan’s Nikkei share average rose for a fourth straight session on Thursday as a weaker yen boosted investors’ risk appetite, while Fujitsu Ltd surged after a report that Lenovo is taking over Fujitsu’s computer business. Helped by gains in such cyclical stocks as financials and exporters, the Nikkei gained 0.8 percent to 16,949.51 points. The dollar stood tall against the yen, trading at 103.34 yen , not far from a four-week high of 103.57 yen touched on Wednesday.
Fujitsu surged as much as 8.6 percent to a near nine-month high after the Nikkei reported that China’s Lenovo Group Ltd is set to take over its personal computer operations as the Japanese company seeks to focus on IT services and other higher-priority businesses.
Sentiment was also supported by upbeat U.S. services sector activity, which offset a weaker-than-expected report on private-sector job growth ahead of Friday’s jobs report.
“It might be too early to be optimistic, but some people started to see that a dollar level of 105 yen is seen within a reach and Japanese corporate earnings will be helped,” said Hiroyuki Nakai, a chief strategist at Tokai Tokyo Research Center.
Financial stocks outperformed, with Nomura Holdings surging 2.5 percent, while insurers Sompo Holdings jumping 7.5 percent and Dai-ichi Life Holdings jumping 4.7 percent.
Exporters gained ground, with Toyota Motor Corp advancing 1.4 percent while Panasonic Corp rising 1.6 percent.
Mining stocks attracted buying after oil prices remained near June highs during Asian trade, levels reached the previous session when they were buoyed by a fall in U.S. crude inventories.
Inpex Corp soared 3.8 percent while Japan Petroleum Exploration Co surged 3.6 percent.
The broader Topix rose 0.8 percent to 1,357.98 and the JPX-Nikkei Index 400 added 0.8 percent to 12,161.77.
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