Tokyo stocks hits 7.5 month high on weak yen

Tokyo stocks rose on Tuesday to hit a seven-and-a-half-month high, as the market was cheered by the yen's depreciation against the US dollar.
The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) gained 44.04 points, or 0.28 percent, from Monday to 15,749.15, its highest closing since Jan. 223.
The broader Tokyo Stock Price Index, which includes all shares on the market's First Section on the TSE, was also up 0.98 point, or 0.08 percent, to 1,299.62.
The weaker yen prompted investors to buy export-oriented issues such as automakers and electronics. The yen's depreciation supports exports by making Japanese products more competitive overseas and increase the value of repatriated overseas earning.
The US dollar hit a six-year high against the yen to breach the JPY 106 mark on growing speculation that US Federal Reserve may announce an interest rate increase earlier than expected. At 4:40 p.m. (0740 GMT), the dollar fetched JPY106.33-34, the strongest since October 2008. (end) mk.tg