JFE Leads Japan Steelmakers’ Rally on Yen, Demand: Tokyo Mover
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JFE Holdings Inc., Japan’s second-biggest steelmaker, rose to its highest in 19 months and led a rally in shares of domestic mills amid optimism a weakening yen and demand growth will boost earnings.
JFE Holdings surged as much as 10.3 percent to 2,256 yen, its highest intraday level since July 7, 2011, on the Tokyo Stock Exchange. It traded 9.4 percent higher as of 1:11 p.m. local time. Kobe Steel gained 9.3 percent to 129 yen, while Nippon Steel & Sumitomo Metal Corp. rose 9 percent, its biggest increase in two years, to 278 yen.