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Nikkei climbs after Wall St gains, exporters helped by stronger dollar
2015年11月17日 / 凌晨2点31分 / 2 年前

Nikkei climbs after Wall St gains, exporters helped by stronger dollar

* Attention back to views Fed will raise rate in Dec - traders

* Risk aversion fades after Wall Street gains

By Ayai Tomisawa

TOKYO, Nov 17 (Reuters) - Japan’s Nikkei share average rebounded on Tuesday morning with all sectors in positive territory after U.S. stocks rose, while exporters outperformed after the dollar strengthened as the market refocused attention of an imminent U.S. rate hike.

The Nikkei rose 1.4 percent to 19,662.91 in midmorning trade, erasing all of the drops posted on Monday after Friday’s deadly attacks in Paris sapped risk appetite.

Exporters gained ground after the dollar added about 0.1 percent to 123.24 yen, moving away from the previous session’s one-week low of 122.23 as investors’ risk aversion faded. Toyota Motor Corp rose 1.9 percent, Tokyo Electron soared 2.7 percent and Fanuc Corp surged 3.7 percent.

“Investors think that the attacks in Paris would have little impact on the global economy in the long-term,” said Hikaru Sato, senior technical analyst at Daiwa Securities. “Depending on new developments, the market could get affected in the future, but right now, market consensus is that the attacks have a limited impact on the stock market.”

French President Francois Hollande called on the United States and Russia on Monday to join a global coalition to destroy Islamic State following the attacks across Paris, and announced a wave of measures to combat terrorism in France.

Meanwhile, the market has focused on expectations that the U.S. Federal Reserve will raise its benchmark interest rate as early as December.

Traders say some investors are likely to take any interest rate hike in their stride given the Fed has been quite explicit about its policy intentions while others are worried that some turbulence is inevitable in emerging markets.

“Equities, currencies and U.S. rates have priced in this expectation to some extent already, but on the other hand, the outlook for emerging markets is hard to gauge,” said Yoshito Sakakibara, executive director and economist at JPMorgan Asset Management, adding that the market will likely move on news related to the Fed’s moves for the time being.

Major electric wire maker Fujikura Ltd jumped 8.8 percent and was the second biggest gainer on the board after Nomura Securities lifted its rating to “buy” from “neutral”, citing strong business in its fibre and flexible printed circuits cables operations.

The broader Topix gained 1.1 percent to 1,589.25 and the JPX-Nikkei Index 400 added 1.2 percent to 14,324.73. (Reporting by Ayai Tomisawa; Editing by Sam Holmes)

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