Topix Extends Best Three-Week Gain Since 2009 on Weak Yen

Japanese shares rose, with the Topix index extending its biggest three-week gain in four years, as exporters advanced after the yen weakened past 101 per dollar on better-than-forecast U.S. employment data.

Toyota Motor Corp. (7203), the world’s largest carmaker, increased 1.3 percent, providing the biggest boost to the Topix. SoftBank Corp. climbed 1.4 percent after the U.S. Federal Communications Commission approved its takeover of Sprint Nextel Corp. Daiwa House Industry Co. slumped 7 percent after the homebuilder said it will sell shares.

The Topix rose 1.1 percent to 1,201.03 as of 9:19 a.m. in Tokyo, with all but three of the 33 industry groups rising. The Nikkei 225 Stock Average increased 1.2 percent to 14,478.32.

The Topix gained 4.8 percent last week, bringing its increase over three weeks to more than 12 percent, the most since April 2009. Shares rose amid a weakening yen and optimism Prime Minister Shinzo Abe will push through economic reforms after winning upper-house elections on May 21. The gauge has pared its decline from a May 22 high to 6 percent from as much as 18 percent on June 13.

To contact the reporter on this story: Anna Kitanaka in Tokyo at akitanaka@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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