Japan’s Nikkei ends more than 1pc higher

TOKYO: Japan’s Nikkei share average ended more than 1% higher on

Thursday as a weak yen boosted appetite, masking losses of heavyweight SoftBank Group on its surprise quarterly loss.

The Nikkei rose 1.28% to close at 39,461.47 in its biggest daily percentage gain since Jan. 22, and posted a third straight session of gains.

“Last month, Japanese stocks were dragged lower by worries about the yen’s strength. But those concerns have eased for now as the yen fell against the dollar,” said Fumio Matsumoto, chief strategist at Okasan Securities.

After Bank of Japan (BOJ) raised short-term interest rates to 0.5% last month, expectations grew that the central bank may raise rates faster and higher, driving the yen to rise against the US dollar.

“The market view on the BOJ’s monetary policy has not changed but the Federal Reserve may not cut interest rates as expected and that changed the course of the yen,” Matsumoto said.