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Tokyo / AFP
Tokyo shares closed higher for a fourth straight session Thursday as a weaker yen boosted exporters while Fujitsu soared on reports it is considering merging its money-losing PC unit with China’s Lenovo.
The dollar rallied as investors viewed strong US data on the key services sector as more evidence the world’s top economy is back on track and able to absorb an interest rate hike this year.
“The US economy has been recovering even after it went ahead with a rate hike last December,†said Mitsushige Akino, an executive officer at Ichiyoshi Investment Management.
“From the Fed’s point of view, two rate hikes would have been possible but they haven’t been able to hike due to overseas market conditions.
“A December hike will happen for sure,†he told Bloomberg News.
Tokyo’s benchmark Nikkei 225 index gained 0.47 percent, or 79.86 points, to close at 16,899.10, while the broader Topix index of all first-section shares was up 0.45 percent, or 6.12 points, at 1,353.93. A weaker yen is positive for Japanese exporters as it makes them more competitive abroad and inflates their repatriated profits. Fujitsu surged 5.66 percent to 568.7 yen after the leading Nikkei business daily reported it was mulling the Lenovo merger.