Nikkei leaps to two-year high as yen's retreat against dollar lifts exporters, broader market

BY  | FROM  | 2017-09-21 13:40

Tokyo stocks advanced Thursday morning with the benchmark Nikkei stock index rising to a two-year high.

The market was in a risk-on mood from the get go following the U.S. dollar's surge against the yen after the conclusion of the U.S. Federal Reserve's latest policy meeting.

The 225-issue Nikkei Stock Average gained 169.42 points, or 0.83 percent, from Wednesday to 20,479.88.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 11.85 points, or 0.71 percent, to 1,679.77.

A weak yen attracts buying, particularly of exporter issues whose firms' whose competitiveness increases in overseas markets and profits are augmented on favorable currency exchange rates when yields from overseas are repatriated.

Insurance, transportation equipment and mining-oriented stocks comprised those that advanced the most by the close of play.

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