Japanese stocks register strong gains on a weaker yen

Japanese shares logged strong gains as the U.S. dollar rose sharply to hit a three-month high in the lower 154-yen zone, boosting export-related stocks.

The Nikkei average ended up 2.61 percent at 39,480.67, after briefly surging over 3 percent. The broader Topix index closed 1.94 percent higher at 2,715.92.

Lender Mitsubishi UFJ Financial Group jumped 5.7 percent and Sumitomo Mitsui Financial Group surged 6.9 percent amid expectations of higher bond yields under Trump.

Semiconductor-linked shares such as Advantest and Tokyo Electron soared 8.2 percent and 2.3 percent, respectively.

The services sector in Japan fell into contraction territory in October, the latest survey from Jibun Bank revealed on Wednesday with a services PMI of 49.7.

That's down from 53.1 in September, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.

Business activity fell for the first time in four months, while new business inflows slowed, owed in part to a renewed and moderate contraction in exports. Outstanding business contracted for the second time in three months.

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