Tokyo stocks hit nearly 7-year high on weak yen

Tokyo stocks rose Friday, driving a key index to reach the highest closing level in almost seven years on the yen's depreciation against the US dollar.
The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) advanced 253.60 points, or 1.58 percent, from Thursday to 16,321.17, the highest close since November 2, 2007.
The broader Tokyo Stock Price Index, which includes all First Section issues on the TSE, also gained 14.00 points, or 1.06 percent, to 1,331.91, its best finish since July 24, 2008.
The yen's depreciation against the US dollar prompted investors to buy export-oriented issues such as automaker and machinery shares.
The weak yen supports exports by making Japanese products more competitive overseas and increase the value of repatriated overseas earning.
The US dollar hit a six-month high against the yen to breach the JPY 109 mark on Friday for the first time since September 2008.