Japan's Nikkei at over two-week closing high as exporters advance on weaker yen

Japan's Nikkei share average posted its highest closing level in more than two weeks on Thursday, led by exporters as the yen weakened against the dollar on prospects of slower-than-expected future rate cuts by the U.S. Federal Reserve .

The Nikkei rose 2.13% to end at 37,155.33, its highest close since Sept.



3. The U.S.

dollar rose broadly on Thursday, reversing a brief tumble in the immediate aftermath of the Fed's outsized interest rate cut that had been largely priced in by markets. Against the yen, the greenback gained as much as 1.2% to hit an intraday high of 143.

95 earlier in the session. Fumio Matsumoto , chief strategist at Okasan Securities , attributed the dollar's gains to expectations of slower U.S.

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01% to 2,616.87, with Toyota Motor jumping 5% to provide the biggest boost, while Honda Motor climbed 3.35%.

Toyota has lost 9.95% so far this month, while Honda is down 5.29%.

Investors had avoided buying automakers this month due to gains in the yen, said Matsumoto. All the 33 industry sub-indexes on the Tokyo Stock Exchange (TSE) traded higher, with shipping firms rising 4.49% to become the best performer.

The insurance sector rose 3.97% as Japanese bond yields rose, while the automakers gained 3.84%.

Uniqlo brand owner Fast Retailing rose 2.41% and was the biggest boost to the Nikkei. Chip-making equipment maker Tokyo Electron rose 2.

47%. (You can now subscribe to our ETMarkets WhatsApp channel ).