Tokyo stocks open higher upbeat data weak yen

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Tokyo Stocks Open Higher on Upbeat Data, Weak Yen

Tokyo, Japan - The Tokyo stock market opened higher on Monday, driven by a slew of upbeat economic data and a weaker yen, which boosted the value of Japanese exports.

The Nikkei 225 index, which tracks the performance of Japan's 225 largest companies, rose 0.6% to 28,444.55, its highest level since August 2020. The broader Topix index also gained 0.6% to 1,934.55.

The positive sentiment was fueled by a series of encouraging economic indicators, including a report from the Ministry of Finance showing that Japan's current account surplus widened to a record high in August. The country's trade balance also improved, with a surplus of ¥1.34 trillion ($12.3 billion) in August, the largest since 1980.

The weaker yen, which has been declining against the US dollar and other major currencies, also contributed to the market's gains. A weaker yen makes Japanese exports cheaper and more competitive in global markets, boosting the country's economy.

"Today's data and the weaker yen have given investors a boost of confidence in the Japanese economy," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui Asset Management. "We expect the market to continue its upward trend in the coming days."

Other market participants also cited the positive impact of the weaker yen on Japanese exporters, such as automakers and electronics companies.

"The weaker yen is a big plus for Japanese exporters, and we expect to see strong earnings growth from these companies in the coming quarters," said Toshihiko Matsuno, chief strategist at SMBC Nikko Securities.

The Japanese government has been actively working to weaken the yen, which has been strengthening in recent months due to the country's economic recovery and the impact of the COVID-19 pandemic on global trade.

The Bank of Japan has also been implementing monetary easing policies to stimulate the economy and keep interest rates low, which has contributed to the weakening of the yen.

Overall, the Tokyo stock market's gains on Monday reflect the positive sentiment surrounding Japan's economy and the potential for further growth in the coming months.