国际英语新闻:Nikkei rises 0.9% on weak yen, U.S. tax cut plans
As the yen depreciated and the U.S. dollar strengthened against most other major currencies, Japanese exporters performed well as a weaker yen boosts the value of profits made abroad when repatriated.
Subsequently, Sony Corp. added 1.9 percent to 3,040 yen and Kyocera Corp., heavily reliant on the U.S. for its earnings, gained 1.4 percent to 8,690 yen. Hitachi Construction Machinery Co. Ltd. also closed in positive territory, climbing 1.4 percent to 2, 000 yen.
Among Japanese automakers notably contributing to the Nikkei's rise, Toyota Motor rose 0.8 percent to 3,280 yen and Honda Motor jumped some 2 percent to 3,135 yen. Fuji Heavy Industries Ltd., the maker of Subaru brand vehicles, was also among Wednesday's gainers, advancing 1.6 percent to close at 630 yen.
But Sumco Corp. marked a particular black spot on the Nikkei today, as the maker of silicon wafers plummeted 9.6 percent to 1, 211 yen, on 3.9 times its 30-day average volume, following the firm announcing it expected a net loss of 66 billion yen (790 million U.S. dollars) for the year to January 2011, compared with its previous forecast of a 12 billion yen (142.94 million U.S. dollars) loss.
With a key metal index rising yesterday resource-issues advanced as commodity prices rose and trading houses continued to capitalize.
Mitsui climbed 1.3 percent to 1,379 yen and its counterpart Sumitomo Corp. rose 1.2 percent to close at 1,188 yen.
Trading volume on Wednesday increased to 1.92 billion shares on the Tokyo Exchange's First Section, up from 1.72 billion on Tuesday, with declining issues outnumbering advancing ones by 1, 260 to 280.
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