Nikkei hits 27-year high on weak yen, upbeat corporate outlook [Reuters]
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Source: Reuters
Nikkei hits 27-year high on weak yen, upbeat corporate outlook | Reuters 3 Min Read * Nikkei stretches rally, hits highest level since Nov 1991 * Companies seen revising up earnings forecasts as yen weakens By Shinichi Saoshiro TOKYO, Oct 1 (Reuters) - Japan’s Nikkei share average rose to a 27-year high on Monday, as an extended weakening in yen helped improved export earnings prospects for Japanese corporations. The Nikkei ended the morning session up 0.59 percent at 24,263.07 after going as high as 24,306.54, its strongest since November 1991. According to the Bank of Japan’s quarterly “tankan” survey of business sentiment published on Monday, big manufacturers saw the dollar averaging 107.40 yen for the 2018/2019 financial year. The U.S. currency has risen significantly above such a forecast, trading at a near 11-month high just short of 114.00 yen on Monday. A weaker yen boosts manufacturers’ profits made abroad when repatriated. “The yen is at a weaker level than the tankan forec
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