Tokyo stocks extend gains on weak yen

TOKYO, Oct. 29 (Xinhua) — Tokyo stocks continued an upward trend on Tuesday as a weaker yen boosted shares despite the political uncertainty following Sunday’s general election that left the ruling coalition without a majority.
Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, rose 0.77 percent, or 298.15 points, to close at 38,903.68.
Following a sharp rise on Monday, the index opened lower on Tuesday but soon gained ground as earnings reports from some companies raised hopes for upcoming results.
Meanwhile, overseas speculators, who had previously taken short positions due to political uncertainties surrounding Japan’s general election, reversed their positions, contributing to the stock market’s rise.
Shares of major banks including Mitsubishi UFJ, securities firms and insurers showed gains.
The broader Tokyo Stock Price Index also gained, closing 24.24 points, or 0.91 percent higher, at 2,682.02.
Of the listed stocks on the top-tier Prime Market, 1,275 gained value, 323 declined, and 48 remained unchanged. ■