TOKYO, Sept 11 ― Tokyo's benchmark Nikkei index rose for a seventh consecutive session today on a weak yen, as investors welcomed Prime Minister Shinzo Abe's Cabinet reshuffle.
The Nikkei 225 gained 0.96 per cent, or 205.66 points, to close at 21,597.76 while the broader Topix index was up 1.65 per cent, or 25.67 points, at 1,583.66.
“The market welcomed a weak yen” against the dollar, which has gained on the backdrop of a rise in US long-term interest rates, said Daiwa Securities chief technical analyst Eiji Kinouchi.
The dollar fetched ¥107.81 (RM4.18) in Asian afternoon trade, against ¥107.53 in New York late yesterday.
“The cabinet reshuffle is a positive factor as it appears to help raise Abe's approval rate,” Kinouchi said.
Abe today appointed new foreign and defence ministers and named Shinjiro Koizumi, a popular rising political star who is the son of former premier Junichiro Koizumi, as environment minister.
Automakers were higher on the weak yen, with Nissan trading up 2.89 per cent at ¥718.4 yen, Honda up 3.74 per cent at ¥2,895.5 and Toyota up 2.39 per cent at ¥7,355.
Some other exporters also rose, with Sony climbing 1.28 per cent to ¥6,451 and Nikon up 2.53 per cent at ¥1,417.
Banks rallied following a rise in US long-term interest rates. Mitsubishi UFJ jumped 4.43 per cent to ¥570 with Sumitomo Mitsui Financial up 3.14 at ¥3,772. ― AFP
