Japanese stocks rose in early trading after the yen weakened sharply following the Bank of Japan (BoJ) interest rate hike on Friday, in line with market expectations.
The index's rise was largely driven by chip stocks. This sector immediately led the gains amid positive sentiment from the weakening yen.
Several major stocks also surged: SoftBank Group rose 6.7%, Kioxia Holdings rose 5.7%, and Tokyo Electron Ltd. rose 5.1%.
The yen's movement was clearly visible in the foreign exchange market. USD/JPY was at 157.56, up from 155.95 at the Tokyo stock market close on Friday.
Investors also followed Prime Minister Sanae Takaichi's policy measures to strengthen the economy. At the same time, the Nikkei Stock Average rose 1.5% to 50,257.94. (asd)
Source: Newsmaker.id
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