Nikkei gains for third day on weaker yen, drop in COVID-19 infections

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TOKYO, Oct 11 (Businesshala) – Japan’s Nikkei share average rose for a third straight session on Monday, as the yen edged higher in exporters and a fall in COVID-19 infections supported investor sentiment.

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The Nikkei was up 1.57% to 28,488.95 by the afternoon break, while the broader top was up 1.41% to 1,989.51 and headed for a second straight session of gains.

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Gains in other Asian stock markets also supported Japanese stocks. The index of Asia-Pacific shares excluding Japan rose 0.56% as Hong Kong’s Hang Seng index jumped 2%

New cases of coronavirus infections in Japan fell to 553 on Sunday, the lowest in nearly a year, according to public broadcaster NHK. At the height of Japan’s fifth wave in late August, the number was closer to 26,000.

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“The rapid decline in coronavirus infections across the country has taken away a reason for investors to be cautious, and they are buying back shares,” said a market participant at a domestic securities firm.

Air transport was the best performing Topics sector with a growth of 2.64%. ANA Holdings increased by 2.63% and Japan Airlines by 2.66%.

Meanwhile, the yen fell to 112.50 per dollar for the first time since December 2018. A weak currency increases the value of goods sold overseas when profits are made back.

Toyota Motor rose 2.6%, while Mitsubishi Motors grew 4.93% and Nissan Motor grew 4.53%.

Panasonic Corp was the biggest gainer on the Nikkei with a 6.71% advance.

Sony Group grew 3.92% amid a report that it may build a new chip plant with TSMC in Japan. (Reporting by Tokyo Markets team; Editing by Subhranshu Sahu)

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