TOKYO, July 2 (Reuters) - Japanese stocks rose on Friday, as
export-focused Sony Group and Toyota Motor got a fillip from a
weaker yen that helped offset weakness in chip-related firms.
The Nikkei share average gained 0.32% to 28,798.44
by 0204 GMT, on course to snap four straight sessions of
declines, while the broader Topix jumped 0.83% to
1,955.34. Still, the indexes were set for weekly losses.
"The weaker yen is boosting shares in automakers, as well as
other manufacturers, such as Sony, as investors expect they
might raise their outlook," said Norihiro Fujito, chief
investment strategist at Mitsubishi UFJ Morgan Stanley
"But their gains are capped by the weak performance of the
Nikkei's heavyweights, such as chip-making equipment
manufacturers and Fast Retailing. That explains Topix's bigger
Sony Group, an exporter of games, cameras and other
electronic home appliances, jumped 3.93% as the yen hit its
lowest level since March 2020.
It was also the top gainer among the top 30 core Topix
names, followed by Hitachi, which rose 1.4%.
Toyota Motor gained 1.14%, Honda Motor
rose 0.79% and Nissan Motor advanced 2.96%, while Mazda
Motor surged 6.05%.
The gains in automakers also followed strong quarterly sales
numbers from U.S. peers, which pointed to the trend continuing
Domestic chip-related shares tracked a weak overnight finish
of the Philadelphia SE Semiconductor index, which was
dragged down by Micron Technology.
Tokyo Electron lost 2.34% and Advantest
Fast Retailing, known for its Uniqlo clothing
brand, fell 0.39% after a report that French prosecutors had
opened an investigation into four fashion retailers suspected of
concealing crimes against humanity in China's Xinjiang region.
Seven & i Holdings fell 0.63% and was the worst
performer among the Topix 30 names, followed by Shin-Etsu
Chemical, which fell 0.16%.
(Reporting by Junko Fujita; Editing by Aditya Soni)