Nikkei rises to fresh 8-month high

Japanese share market advanced to fresh eight-month high on Friday, 12 September 2014, powered by yen depreciation to weakest level since 2008 against the dollar which bolstered appetite for export related companies. The Nikkei 225 index at the Tokyo Stock Exchange rose 0.25%, or 39.09 points, to 15948.29, the best finish since early January, while the Topix index of all first-section shares rose 0.19%, or 2.48 points, to 1313.72.

The yen extended its depreciating streak, trading above 107 level, a fresh six-year low, against the greenback. The US dollar has gained traction on buying ahead of next week's Federal Open Market Committee policy meeting, where investors expect to see firmer signals for higher interest rates. It also got a boost from remarks Thursday by Bank of Japan Gov. Haruhiko Kuroda who said the central bank is "ready to make without hesitation adjustments to policy, additional easing or whatever," if necessary. He also said the yen's current level was in line with the Japanese economy's fundamentals as well as the divergence in monetary policy between Japan and the U.S.

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