Japan’s Nikkei closed higher as auto stocks rose

The Japanese Nikkei index closed higher on Monday for the first time in three sessions, with the rise of stocks of auto makers, taking advantage of the decline in the yen, at a time when investors reduced their bets that the central bank of the country will change its monetary policy this week.

Chip-related stocks rallied after falling for two sessions, tracking their US peers. Steel stocks also increased after Tokyo Steel rose by the maximum daily limit, thanks to the company’s strong earnings announcement.

The Nikkei index closed up 1.23 percent at 32,700.94 points. Among the 225 stocks listed on the index, 198 rose, 25 fell, and two remained unchanged.

The broader Topix index rose 0.84 percent to 2,281.18 points.

The sub-index for transportation equipment manufacturers rose 1.65 percent, making it one of the three best-performing sectors on the Tokyo Stock Exchange.

The Japanese currency fell to about 142 yen per dollar on Friday.

Mitsubishi Motors was the best performer on the Nikkei index, jumping 5 percent after announcing positive financial data during the session.

The steel and demand sector was also the best performer on the Tokyo Stock Exchange, rising by about 3.5 percent.

The worst performing sectors were led by the banking services sector, which fell 1.3 percent.