Japan stocks up on weak yen, fewer US job cuts

Courtesy: Associated Press

TOKYO -- Japanese stocks rose Monday as investors took heart from fewer-than-expected U.S. job cuts in May while chasing gains in exporters on the back of a weakening yen.

The benchmark Nikkei 225 stock average rose 97.62 points, or 1 percent, to 9,865.63, an eight-month high. The broader Topix index added 1.1 percent to 926.89.

"Sentiment was steady as export-linked shares climbed in line with a falling yen," said Yutaka Miura, senior strategist at Mizuho Security Co. Ltd.

A weakening yen helps Japanese exporters like Toyota Motor Corp. and Sony Corp. by inflating their overseas income. The yen stood at 98.51 to the dollar in Tokyo Monday afternoon trade from 98.61 in New York late Friday.

The market also rose on optimism over the U.S. economy, which recorded fewer-than-expected U.S. job losses in May.

The Labor Department said Friday U.S. employers cut 345,000 jobs last month, far less than the 520,000 that economists predicted, and the fewest since September.