Tokyo stocks hit two-month high

TOKYO, June 3 (AFP): Tokyo stocks rose 0.66 per cent Tuesday on a weaker yen and continued advances on Wall Street, with the benchmark index finishing above 15,000 for the first time in two months.
The Nikkei 225 index added 98.33 points to end at 15,034.25, its first close above 15,000 since April 4, while the Topix index of all first-section shares climbed 0.67 per cent, or 8.12 points, to 1,228.59.
The Tokyo market won support from the weaker yen, which boosts exporters' profitability, and hopes for Prime Minister Shinzo Abe's economic reform package.
Abe is expected to announce a new slate of policies in June to stoke growth in the world's third largest economy, while the Japanese public pension fund is widely expected to boost the portion of stocks in its huge portfolio, a plus for the Tokyo market.
"The relative resilience of US stocks, as well as a stronger dollar, are a simple formula for Japan share buying," Yutaka Miura, senior technical analyst at Mizuho Securities, told Dow Jones Newswires.
"But we need to see a significant pickup in trading volume in order to have faith that the market will not succumb to quick capital flight. That's really been the 'missing link' in the current rally."
The Nikkei's break through the 15,000 mark came as the dollar strengthened to 102.30 yen Tuesday, down slightly from 102.36 yen New York but well up from 102.02 yen in Tokyo on Monday.
Toyota shares added 0.56 per cent to 5,855 yen, Uniqlo clothing chain operator Fast Retailing rose 1.47 per cent to 34,990 yen while Sony turned down 0.66 per cent to 1,643 yen.
Dai-ichi Life Insurance added 0.97 per cent to 1,447 yen after the stock dropped 4.97 per cent on Monday.