Nikkei recovers to 15,000 in morning for 1st time in 2 months
TOKYO (Kyodo) -- Tokyo stocks rose Tuesday, with the Nikkei recovering to the 15,000 level for the first time in about two months on a solid performance on Wall Street and a weaker yen.
The 225-issue Nikkei Stock Average gained 113.91 points, or 0.76 percent, from Monday to 15,049.83. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 8.52 points, or 0.70 percent, to 1,228.99.
Tokyo shares continued to rise after the Dow Jones Industrial Average and the broader S&P 500 stock index finished at all-time highs overnight on a gain in the Institute for Supply Management's factory activity index in April.
The dollar's rise to a one-month high in the mid-102 yen zone also supported the Tokyo market, with the three major automakers -- Toyota, Honda and Nissan -- gaining ground.
Tsutomu Yamada, market analyst at kabu.com Securities Co., said the Nikkei daily's report earlier in the day that Japan's Government Pension Investment Fund could add to its purchases of riskier assets including stocks underpinned Tokyo stocks' momentum.
"This is a measure to shore up stock prices in the name of economic growth strategy," said Yamada.
On the First Section, advancing issues outnumbered declining ones 1,021 to 609, while 180 finished the morning unchanged.
Major gainers included brokerage, oil and banking issues.
Green tea drink maker Ito En rose 43 yen, or 1.8 percent, to 2,391, after announcing the previous day that its group net profit in the fiscal year ending in April 2015 is projected to jump 8.3 percent from the previous year.