Tokyo stocks extended their winning streak for a third straight session on Monday, with a key index ending an eight-and-a-half month high, buoyed by the weaker yen and upbeat corporate earnings results.

The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) gained 266.74 points, or 0.92 percent, from Friday to 29,123.18, its highest finish since August 17.

The broader Tokyo Stock Price Index, which includes all shares on the market’s First Section on the TSE, was also up 20.58 points, or 1.00 percent, to 2,078.06.

In Tokyo, shares of export-oriented companies advanced on the back of the yen’s depreciation against the US dollar.

The dollar hit the upper JPY 136 level, the lowest since early March, after the Bank of Japan decided on Friday to maintain its ultra-loose monetary policies.

The weak yen supports exports by making Japanese products more competitive overseas and increases their overseas profits when converted into local currency. Strong corporate earnings by some major companies also lifted investors’ sentiments

Source: Kuwait News Agency