Japanese stocks rebound on falling yen, overseas gains

DPA Updated - February 07, 2014 at 12:50 PM.

Japanese shares bounced back on Friday as market sentiment was buoyed by a weaker yen and overnight gains on Wall Street and European bourses.

The benchmark Nikkei 225 Stock Average gained 307.29 points, or 2.17 per cent, to end at 14,462.41 after falling 0.18 per cent on Thursday.

The broader-based Topix index was up 26.77 points, or 2.3 per cent, at 1189.14.

For the week, the Nikkei declined 3.03 per cent and the Topix was down 2.58 per cent.

Exporters traded broadly higher as the yen fell against the dollar and the euro. A weaker yen makes Japanese goods more competitive overseas and improves repatriated revenues.

On currency markets at 3 pm (0600 GMT), the dollar traded at ¥102.06-07, up from Thursday’s 5 pm quote of ¥101.49-50.

The euro was quoted at ¥138.66-67, up from ¥137.27-31 late on Thursday, and at $1.3584-3587, up from $1.3525-3526.

Published on February 7, 2014 07:18