Sony Group was a standout decliner, dropping 4.17%
after forecasting profit to slip from a record high.
The Nikkei gained 0.69% to 29,056.25 as of the
midday break, after hitting its highest since Aug. 19 at
29,143.89 earlier. Of the Nikkei's 225 components, 170 rose, 50
fell, while five were unchanged.
The broader Topix added 0.63% to 2,070.43, after
touching 2,076.11, its highest since September 2021.
The yen weakened to as low as 136.87 per dollar in
Tokyo, extending its decline from Friday, when the BOJ kept
stimulus settings unchanged and signalled it was in no hurry to
normalize policy.
Japan has a shortened trading week, marking the Golden Week
holiday from Wednesday, when the U.S. Federal Reserve sets
policy, followed by the European Central Bank on Thursday.
"The Nikkei should stay positive today, however there's only
today and tomorrow before Golden Week, and during the holiday
there are several big events," Nomura Securities strategist Maki
Sawada said.
"It's easy to think there could be some profit-taking
emerging."
The TSE's rail index surged 1.78%, followed by a
1.53% jump for airlines . Auto shares gained 0.86%.
Financial stocks also did well, shaking off news of the
likely failure of U.S. bank First Republic . The bank
index gained 0.92% and the securities index advanced 0.72%.
(Reporting by Kevin Buckland; Editing by Rashmi Aich)
By Kevin Buckland
TOKYO, May 1 (Reuters) - Japan's Nikkei share average
hit a more than eight-month high on Monday, topping the key
psychological 29,000 level after the Bank of Japan's (BOJ)
continued dovish stance pushed the yen to a nearly two-month
low.
Rail and airlines were the best
performing of the Tokyo Stock Exchange's 33 industry sectors on
the potential boon for tourism, while exporters including
automakers rose amid the boost to the value of
overseas sales.
Tech services provider NEC surged 14% after strong
earnings to be the best performing Nikkei stock by a wide
margin.
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