Japan stocks surge on falling yen, US gains

Japanese shares bounced back Tuesday for the first rise in three trading days, bolstered by a weaker yen and overnight gains on Wall Street.

The benchmark Nikkei 225 Stock Average gained 598.49 points, or 3.68 per cent, to close at 16,874.44 after falling 3.4 per cent Monday.

The broader Topix index rose 42.88 points, or 3.25 per cent, at 1,363.03.

Export-linked stocks got a boost as the yen fell against major currencies. A weaker yen makes Japanese goods more competitive overseas and improves repatriated earnings.

On currency markets at 3 pm (0600 GMT), the dollar traded at 109.02-03 yen, up from Monday’s 5 pm quote of 108.21-23 yen.

The euro was quoted at 123.47-48 yen, up from 122.28-32 yen late Monday.

Last update: Tue, 28/06/2016 - 17:25

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