By Kevin Buckland and Yantoultra Ngui
TOKYO, March 8 (Reuters) - Japan's Nikkei share average
climbed to a 3-1/2-month high on Wednesday, rising for a fourth
straight session, as a weakening yen buoyed the outlook for
exporters.
Retailer shares also rallied on optimism over a return of
big-spending Chinese tourists after Japan reopened its borders
this month.
The Nikkei finished 0.48% higher at 28,444.19 after
steadily extending gains in the afternoon session. It probed as
high as 28,469.41 just minutes ahead of the close, a level last
seen on Nov. 24.
The index has rallied about 3.5% since last Thursday.
The broader Topix rose 0.3% to 2,051.21 and touched
2,053.01 for the first time since November 2021.
The rise in Japanese stocks came even as most other Asian
markets declined after comments from Federal Reserve Chair
Jerome Powell raised the possibility of the U.S. central bank
returning to larger rate hikes.
That sent U.S. long-term yields higher, but also the dollar
against the yen. The Japanese currency dipped to a nearly
three-month low at 137.90 to the greenback , boosting
the value of overseas revenue at automakers and other
multinationals.
Mazda jumped 2.98% to be among the Nikkei's top
five performers. Uniqlo store owner Fast Retailing gained 1.81% to be the biggest support, contributing 54 index
points to the Nikkei's 135-point advance.
Nissan , however, tumbled 3.54% to lead decliners
after S&P cut its rating to junk status.
Meanwhile, department store operators made up the top three
risers on the Nikkei, with Takashimaya Co. , Isetan
Mitsukoshi Holdings and J. Front Retailing each up around 4.4%.
"It looks like global investors' focus is on the
possibilities for inbound tourism," said Yunosuke Ikeda, chief
equity strategist at Nomura Securities.
"I am a little cautious on further upside, in particular for
growth stocks in the next couple of months," he added. "U.S.
monetary policy will have an impact on valuation adjustments."
(Reporting by Kevin Buckland and Yantoultra Ngui; Editing by
Subhranshu Sahu and Eileen Soreng)
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