Tokyo equities extended their upward trajectory on Wednesday, driven by encouraging earnings reports from major issuers and a softer yen that underpins export-oriented names. The benchmark Nikkei 225 climbed 245.32 points (0.60%) to close at 40,794.86, marking its second consecutive day of gains.
Strong Corporate Results Propel Real Estate and Machinery Sectors
Real estate heavyweight Mitsui Fudosan topped market expectations with a 12% year-on-year rise in first-half operating profit, citing solid sales of condominiums in central Tokyo and robust leasing revenues (Mitsui Fudosan Q2 report). Machinery leader Daikin Industries followed suit, reporting a 9% increase in quarterly net income, powered by resilient air-conditioning demand in North America and Asia (Daikin Q2 earnings release). These upbeat updates fueled buying across the real estate and machinery subsectors, with the TOPIX Real Estate Index advancing 1.4% and the Industrial Goods segment adding 1.2%.
Weaker Yen Amplifies Exporter Outlook
The yen traded in the upper ¥147-per-dollar range on Wednesday, a retreat of nearly 3% against the greenback since early July. A softer yen enhances overseas revenue when repatriated into yen, boosting profit projections for major exporters. Toyota Motor jumped 1.1% on the session as investors cheered its July vehicle sales beat in the U.S. (Toyota July sales data). Honda Motor advanced 0.8%, while Mitsubishi Heavy Industries climbed 1.3%, supported by strong defense-related order flows. Agricultural equipment maker Kubota rose 1.5%, reflecting optimism around its growing North American farm machinery business.
Broader Market Breadth and TOPIX Gains
Supporting the rally, the broader TOPIX index added 30.03 points (1.02%) to end at 2,966.57 (Tokyo Stock Exchange market summary). On the Tokyo Stock Exchange Prime Market, advancing issues outnumbered decliners by more than four-to-one, with 1,278 gainers against 293 losers. Sector leadership was broad-based: Information Technology names benefited from yen weakness, while consumer-oriented stocks found support from upbeat U.S. retail data overnight.
Investor Sentiment and Market Outlook
Market participants continue to weigh the Bank of Japan’s next policy move. With the yen lingering near multi-year lows, speculation is mounting over potential verbal interventions to curb rapid currency swings (BOJ recent statements). Analysts at Nomura expect the BOJ to maintain its ultra-loose stance through year-end, keeping borrowing costs near zero to support domestic growth.
Looking ahead, focus will shift to Friday’s U.S. nonfarm payrolls report, which could influence global risk appetite and currency flows. Domestically, investors will monitor second-quarter GDP revisions, due later this month, for signs of momentum beyond export strength.
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