Nikkei Rises For Third Day on Weak Yen

Japan’s Nikkei rose for a third straight session Monday, October 11, extending recovery from last week’s six-week low, as a sharp drop in the yen boosted exporters while a drop in COVID-19 infections revived hopes of reopening the economy.

The index closed up 1.60% to 28,498.20 points, advancing more than a thousand points from the six-week low recorded on Wednesday, while the broader TOPIX index rose 1.77% to 1996.58, up for the second consecutive session.

The air transport sector was one of the best performing sectors on TOPIX, increasing by 3.59%.

Meanwhile, the yen fell to 112.75 against the dollar for the first time since December 2018, and a weaker currency increases the value of goods sold abroad when profits are remitted to the country.