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Japan's Nikkei Clocks Gains Tracking Positive Movement on Wall Street

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Japanese shares closed with gains on Tuesday, tracking the positive momentum on Wall Street and taking cues from the yen weakening to its lowest level against the dollar in nearly four decades.

The Nikkei 225 closed up 0.86%, or 594.21 points, to 70,062.32.

The US stocks rose on Monday, lifted by the technology stocks, with the S&P 500 breaking a five-day losing streak.

The yen slipped to its lowest point since 1986 at 161.98 per dollar, surpassing its 2024 intervention threshold and heightening market vigilance for possible official action, Bloomberg News reported Tuesday.

Japan's Finance Minister Satsuki Katayama has said authorities are ready to respond appropriately at any time to the falling yen, as per news reports.

Back home, Japan's industrial production fell 1.7% year over year in May, missing expectations of a 2.2% expansion, according to preliminary data from the Ministry of Economy, Trade and Industry (METI) released on Tuesday.

Also, new housing construction starts in Japan rose 33.9% year over year in May to 57,877 units, beating the consensus forecast of a 31.8% increase, according to official data Tuesday.

On the corporate side, Honda Motor (TYO:7267) is exploring raising over 400 billion yen through a euro-denominated bond sale to fund compensation payments to parts suppliers following its revised electric vehicle strategy, Nikkei Asia reported Tuesday.

Also, Toyota (TYO:7203) posted its fourth consecutive decline in worldwide monthly sales for May, with group-wide volume falling 7.4% year over year to 885,207 vehicles, according to a statement on Tuesday.

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