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Tokyo stocks close sharply higher as rate hike hopes drive down yen, boost exporters

Xinhua, November 9, 2015 Adjust font size:

Tokyo stocks closed sharply higher Monday as the latest U.S. jobs data released Friday reinforced hopes the Federal Reserve will raise its key rate, with the rising dollar against the yen giving exporters a boost.

The 225-issue Nikkei Stock Average gained 377.14 points, or 1.96 percent, from Friday to close at 19,642.74, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 27.38 points, or 1.75 percent, higher to finish at 1,590.97.

Local traders noted that the weaker yen was a boon for exporters who see their competitiveness in overseas markets rise and their profits augmented when repatriated when the yen is weak.

At the end of the trading day, insurance, precision instruments and banking-related issues were among notable gainers. The turnover was 2,998.3 billion yen (24.28 billion U.S. dollars). Endit