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Tokyo stocks end higher over yield rises, weaker yen

TOKYO
2023-07-31 15:39

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TOKYO, July 31 (Xinhua) -- Tokyo stocks ended higher Monday as export-related shares were boosted by a weak yen, while 10-year Japanese government bond yields surged to a nine-year-high.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, advanced 412.99 points, or 1.26 percent, from Friday to close at 33,172.22.

The broader Topix index finished 31.95 points, or 1.39 percent, higher at 2,322.56.

Following the Bank of Japan (BOJ)'s decision to modify its ultra-loose monetary policy last week, 10-year Japanese government bond yields surged to a nine-year high of 0.605 percent.

The BOJ announced that it would allow the long-term yield to exceed its previous 0.5 percent cap and potentially reach 1.0 percent.

Meanwhile, export-oriented issues gained due to a weaker yen.

On the prime market, gainers were led by precision instrument, transportation equipment, and iron and steel shares.
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