Nikkei closes at the highest level in more than 7 weeks

The Japanese Nikkei index closed at its highest level in more than seven weeks on Monday, as the yen’s decline supported shares of automakers and other exporting companies, while shares of trading companies achieved gains supported by earnings expectations.

The Nikkei rose 0.67 percent to close at 27,693.65 points, the highest level since December 15, and the broader Topix index increased 0.45 percent to 1,979.22 points.

The sub-index for auto manufacturers rose 1.35 percent, Toyota Motor rose 1.16 percent, Honda Motor rose 1.88 percent, and Mitsubishi Motors rose 4.95 percent.

The index of trading stocks rose 2.38 percent, becoming the best performer among the sub-indices on the Tokyo Stock Exchange, after Mitsui & Co and Mitsubishi Corp raised their full-year profit forecasts and pledged to pay higher cash dividends.

Mitsubishi Corp rose 7.84 percent and was the best performer on the Nikkei index.

The index of shares of oil companies increased by 2.38 percent, while the index of shares of refining companies increased by 2.21 percent.

The banking sector index fell 1.39 percent and was the worst performing sector.