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Japan's Nikkei rises as yen weakens after Fed's bumper rate cut

BY Reuters | ECONOMIC | 09/18/24 08:35 PM EDT

TOKYO, Sept 19 (Reuters) - Japan's Nikkei share average rose more than 2% on Thursday, led by export-oriented stocks, as the yen weakened against the U.S. dollar despite a bumper interest rate cut by the Federal Reserve.

The Nikkei was up 2.1% at 37,133.34, as of 00:08 GMT, while the broader Topix was up 1.9% to 2,614,09.

The dollar edged higher in choppy trading after the Fed cut rates by half a percentage point, citing greater confidence that inflation will continue to recede to the U.S. central bank's 2% annual target.

Uniqlo brand owner Fast Retailing (FRCOF) rose to give the biggest boost to the Nikkei. Technology start-up investor SoftBank Group rose 1.4%.

All of the Tokyo Stock Exchange's 33 industry sub-indexes were trading higher, led by the automakers' index, rising 3.9%.

Toyota Motor (TM) jumped 4.9%.

(Reporting by Junko Fujita; Editing by Rashmi Aich)

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