Tokyo Stocks Climb, Driven by Weak Yen, Exporter Gains
(MENAFN) Tokyo’s stock market climbed on Monday, driven by a weaker yen that bolstered exporter shares, while the U.S. dollar strengthened amid inflation concerns fueled by escalating Middle East conflict.
Japan’s key benchmark, the Nikkei 225, rose 477.08 points—an increase of 1.26%—closing at 38,311.33 after Friday’s session.
The broader Topix index also posted gains, ending 20.66 points, or 0.75%, higher at 2,777.13.
The U.S. dollar briefly surged into the upper 144 yen range during Tokyo trading, propelled by rising U.S. Treasury yields. This movement was largely influenced by expectations that climbing crude oil prices would accelerate inflation in the United States.
On the equities front, the Nikkei 225 spiked more than 500 points at one point, largely fueled by robust gains in export-oriented automobile and electronics stocks. Market participants indicated that, for now, the ongoing conflict between Israel and Iran is having a limited effect on Japanese shares.
In related corporate news, Nippon Steel shares gained 1.53%, closing at 2,872.5 yen following Friday's announcement that U.S. President Donald Trump had effectively approved an agreement for the firm to acquire United States Steel Corp, according to brokers.
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