TOKYO: Japan’s Nikkei share average rose on Monday to touch the 39,000 level for the first time since late July, helped by a softer yen and Wall Street’s gains at the end of last week.
The Nikkei closed 0.1% higher at 38,700.87. It hit its highest since July 31 at 39,080.64 earlier in the day before trade turned choppy as profit-taking started and the yen’s slide stalled.
The broader Topix also finished up 0.1% at 2,715.99.
Wall Street stocks gained on Friday after fresh economic data raised expectations that the US Federal Reserve would cut interest rates modestly in September. US markets are closed on Monday for a public holiday.
The dollar gained against the yen following the latest US economic data, lifting the shares of Japanese exporters.
A softer Japanese currency helps exporters as it increases the value of overseas profits in yen terms when firms repatriate them to Japan.
Source: Brecorder
