TOKYO: Tokyo stocks rose on Wednesday morning with exporters gaining on a weaker yen as energy stocks followed oil prices upward, with investors cheered by encouraging US economic data.
"We're in for another bull market today, particularly with the yen trading around 109 to the dollar," said Chihiro Ohta, a Tokyo-based senior strategist at SMBC Nikko Securities Inc.
"Both US retail sales and New York manufacturing numbers were strong, allowing the market to set its eyes on not only a December rate hike but fast-paced increases next year," he told Bloomberg News.
The Commerce Department reported retail sales posted a healthy 0.8 percent increase in October while the New York Federal Reserve Bank reported that manufacturing activity in the state recovered in November.
Tokyo's benchmark Nikkei 225 index gained 1.21 percent, or 213.93 points, to 17,882.08 at the break while the broader Topix index of all first-section issues was up 1.20 percent, or 16.90 points, at 1,419.88.
On Wall Street, the blue-chip Dow Jones Industrial Average gained 0.3 percent on Tuesday, closing higher for the seventh straight day and posting its fourth consecutive record finish.
The dollar was trading at 109.04 yen Wednesday against 109.16 in New York Tuesday afternoon.
Nintendo jumped 4.38 percent to 25,950 yen after the game giant said it will release its highly-anticipated Super Mario Run for Apple's iPhone on December 15.
Toyota gained 1.59 percent to 6,161 yen and factory automation systems maker Fanuc gained 0.78 percent to 19,795 yen.
Higher oil prices pushed up energy stocks. Oil explorer Inpex soared 4.53 percent to 1,061 yen and Japan Petroleum rose 2.63 percent to 2,340 yen.
Mitsubishi UFJ Financial Group advanced 5.90 percent to 681 yen.
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