Tokyo's stock market continued its winning streak on May 2nd, with the Nikkei 225 index closing 378.39 points higher at 36,830.69, a 1.04% increase. This marks the seventh consecutive trading day of gains. The depreciation of the yen against the US dollar buoyed the market, with the export - oriented sectors leading the bulls. The index briefly approached the 37,000 - point mark during the session.
Tokyo's Nikkei Index Extends Winning Streak to Seven Days on Yen Weakness
On May 2nd, Tokyo's Nikkei index extended its winning streak to seven consecutive trading days, closing 378.39 points higher at 36,830.69, marking a 1.04% gain. The weakening of the yen against the US dollar served as a significant catalyst for the stock market rally, giving an edge to the export - oriented sectors. The index came close to breaching the 37,000 - point mark during intraday trading. Meanwhile, the TOPIX (Tokyo Stock Price Index) rose 8.34 points, or 0.31%, to finish at 2,687.78. The total trading volume for the day amounted to 1.97112 billion shares.
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The automotive and electronics sectors, which stand to benefit from a weaker yen boosting their earnings, were in high demand among investors. Additionally, heavy - weighted stocks such as Fast Retailing, the operator of Uniqlo, also saw price increases, further propelling the Nikkei index upward. Companies that released strong earnings reports and implemented shareholder - rewarding measures also attracted significant buying interest.
However, with the approaching Golden Week holiday reducing the number of trading days, investors adopted a more risk - averse stance, causing the intraday gains of the Nikkei index to narrow at one point. Despite this caution, the market's overall upward momentum on the day reflected optimism fueled by currency dynamics and corporate performance.
