Japan’s Nikkei crosses 29,000 with yen falling

The Japanese Nikkei index rose to its highest level in more than eight months on Monday, surpassing the key level of 29 thousand points, after the Bank of Japan continued its easy monetary policy that pushed the yen to its lowest level in nearly two months.

The railways and airlines sectors were the best performers among the 33 industrial sectors on the Tokyo Stock Exchange, each rising about 2 percent.

Shares of automakers rose more than 1 percent amid an increase in the value of overseas sales.

Technical services company NEC jumped more than 14 percent after strong earnings, leading the Nikkei index gains.

The Nikkei index rose 0.92 percent to close at 29,123.18 points, after rising to 29,145.89 earlier, the level it last reached on Aug. 19.

The broader Topix index closed up 1 percent to 2,078.06 points, ending the session near Monday’s peak at 2,078.37 points, the highest level since September 2021.

The yen fell to close to 137 per dollar and continues its extended losses since Friday.