TOKYO — Shares of Sony Corp. surged to record highs in Tokyo trading Wednesday, briefly touching a record 10,500 yen. Traders said an easier yen has led to the surge.
Sony shares hit a previous record high on the Tokyo Stock Exchange on Tuesday at 10,300 yen, surpassing the 10,100 hit on June 3. The rally in Sony shares has been continuing since March of this year.
Traders said Sony is helping to push the market forward and the electronics giant’s shares are being used as a barometer, which could trigger rises in other blue-chip exporters listed on the exchange.
Sony is heavily dependent on exports, which account for about 70% of its income. A declining yen typically boosts its bottom line.