Japan's Nikkei jumps as exporters advance on weaker yen
Updates at 0200 GMT
TOKYO, Sept 19 (Reuters) -Japan's Nikkei share average rose more than 2% 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 .N225 had risen 2.6% to 37,317.39 by 0202 GMT.
The dollar rose broadly, recovering from an earlier tumble in the immediate aftermath of the Fed's outsized rate cut on Wednesday that had been largely priced in by markets. Against the yen, the greenback gained nearly 1% to 143.56 in Asia trade. JPY=EBS FRX/
Fumio Matsumoto, chief strategist at Okasan Securities, attributed the dollar's gains to expectation of slower U.S. rate cuts going forward and the Fed's comment that the world's top economy is not doing as bad as the market had worried.
"The (Japanese) market had expected the yen to strengthen after the Fed's 50-basis-point rate cut and the domestic equities to fall, but it turned out the yen weakened," said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Intelligence Laboratory.
All the 33 industry sub-indexes on the Tokyo Stock Exchange (TSE) were trading higher. Automakers ITEQP.T led the advance with a rise of 4.7%.
The broader Topix .TOPX was up 2,41% at 2,627.18, with Toyota Motor 7203.T jumping 5.7% to provide the biggest boost, while Honda Motor 7267.T climbed 4.59%.
Toyota has lost 9.95% so far this month, while Honda is down 5.95%.
Investors had avoided buying automakers this month due to the yen's gains, said Matsumoto.
Uniqlo brand owner Fast Retailing 9983.T rose 2.95% and was the biggest boost to the Nikkei. Technology start-up investor SoftBank Group 9984.T climbed 2.92%.
Of the more than 1,600 stocks trading on the TSE's prime market, 90% rose and 8% fell, with 1% trading flat.
Reporting by Junko Fujita; Editing by Rashmi Aich and Subhranshu Sahu
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