TOKYO, May 1 (Xinhua) -- Japan's benchmark Nikkei stock index closed at a more than eight-and-a-half month high on Monday, as a weaker yen gave export and technology-linked issues a boost, with firms reporting solid earnings also finding favor.
The 225-issue Nikkei Stock Average gained 266.74 points, or 0.92 percent, from Friday to close the day at 29,123.18, marking its highest closing level since Aug. 17, 2022.
The broader Topix index, meanwhile, added 20.58 points, or 1.00 percent, to finish at 2,078.06.
Dealers here said that the Bank of Japan (BOJ)'s continued dovish monetary policy stance, in contrast with other global central banks, including the United States Federal Reserve, kept the yen lower versus the U.S. dollar.
The Bank of Japan on Friday decided to maintain its ultra low interest rate, while the Fed and the European Central Bank are both set to announce their policies later this week, while markets will be closed here for the Golden Week holiday.
"I'm a bit surprised that Japanese stocks would rise so much ahead of those risk events. The strong performance is partly because of yen weakness due to the BOJ's dovish stance, but also Japanese investors have some expectations that investors in the United States are becoming less risk averse, and there might be some foreign inflows into Japanese stocks," Kenji Abe, a strategist at Daiwa Securities, was quoted as saying.
Issues that gained included Mitsubishi Electric jumping 4.4 percent, and electronic components maker TDK advancing 3.9 percent.
Other winners on the back of solid earnings were Astellas Pharma, who climbed 2.2 percent, after saying it would acquire U.S. pharmaceutical firm Iveric Bio Inc.
NEC surged 14.2 percent, to become Nikkei's biggest winner, after announcing on Friday that its operating profit for the fiscal year ended March had notably increased from the previous fiscal year, with the information-technology and electronics company also lifting its projected revenue.
By the close of play, land transportation, air transportation and machinery-oriented issues comprised those that gained the most.
The turnover on the first trading day of the week came to 3,118.41 billion yen (22.79 billion U.S. dollars). ■
