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Tokyo's Nikkei closes higher for 7th straight session

Tokyo's Nikkei closes higher for 7th straight session

TOKYO, Sept 11: Tokyo's benchmark Nikkei index rose for a seventh consecutive session on Wednesday on a weak yen, as investors welcomed Prime Minister Shinzo Abe's cabinet reshuffle. The Nikkei 225 gained 0.96 percent, or 205.66 points, to close at 21,597.76 while the broader Topix index was up 1.65 percent, or 25.67 points, at 1,583.66. "The market welcomed a weak yen" against the dollar, which has gained onthe backdrop of a rise in US long-term interest rates, said Daiwa Securitieschief technical analyst Eiji Kinouchi. The dollar fetched 107.81 yen in Asian afternoon trade, against 107.53 yenin New York late Tuesday."The cabinet reshuffle is a positive factor as it appears to help raiseAbe's approval rate," Kinouchi said. Abe on Wednesday appointed new foreign and defence ministers and namedShinjiro Koizumi, a popular rising political star who is the son of formerpremier Junichiro Koizumi, as environment minister.Automakers were higher on the weak yen, with Nissan trading up 2.89percent at 718.4 yen, Honda up 3.74 percent at 2,895.5 yen and Toyota up 2.39percent at 7,355 yen. Some other exporters also rose, with Sony climbing 1.28 percent to 6,451yen and Nikon up 2.53 percent at 1,417 yen. Banks rallied following a rise in US long-term interest rates. Mitsubishi UFJ jumped 4.43 percent to 570 yen with Sumitomo Mitsui Financial up 3.14 at 3,772 yen.

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