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Japan's Nikkei rises as markets await US election outcome
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Japan's Nikkei rises as markets await US election outcome
Nov 5, 2024 8:49 PM

(Updates at 0220 GMT)

TOKYO, Nov 6 (Reuters) - Japan's Nikkei share average

tracked Wall Street's strong finish on Wednesday as market

participants awaited indications of the outcome of a knife-edge

U.S. presidential election.

The Nikkei was up 1.9% at 39,211.84, as of 0216

GMT, while the broader Topix gained 1.6% at 2,706.51.

U.S. stocks closed sharply higher in a broad rally on

Tuesday after data signalled a solid economy, but investors

braced for volatile trading this week as voting was underway in

an extremely tight presidential election.

The Nikkei accelerated gains as the dollar strengthened

against the yen. The dollar climbed 1% to 153.22 yen.

A weaker yen tends to boost Japanese exporters' overseas

earnings when repatriated.

"The market is looking ahead of the election outcome

already, with the dollar gaining and Japanese stocks rising,"

said Yugo Tsuboi, chief strategist at Daiwa Securities.

Risk money started flowing into global equities after strong

U.S. economic data, said Shigetoshi Kamada, general manager at

the research department at Tachibana Securities.

"That lifted Japanese stocks. Whoever becomes the U.S.

President, the U.S. economy looks to remain solid and that's a

follow wind for U.S. equities."

The Institute for Supply Management said its

non-manufacturing purchasing managers index, a gauge of the

services sector, accelerated to 56.0 last month, its highest

since August 2022.

In Japan, technology stocks led the gains, with chip-testing

equipment maker Advantest ( ADTTF ) jumping 6.3% to become the

biggest boost to the Nikkei.

Toyota Motor ( TM ) slipped 0.68% ahead of its earnings

announcement later in the day.

"Toyota's ( TM ) outlook will be a gauge for the market to confirm

fundamentals of local firms, which we need to see for further

gains of the Nikkei" said Kamada.

Shares of Nintendo ( NTDOF ) jumped 4.3% even as the gaming

company cut its operating profit forecast for the year to March

2025 by 10%.

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