Japan Stocks Gain as Yen Weakens Against Dollar After Payrolls
- U.S. unemployment rate fell to lowest level in almost 8 years
- Traders raise bets on another Fed rate hike this year to 53%
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Japanese stocks rose after a U.S. payrolls report supported the Federal Reserve’s case to raise U.S. interest rates, sending the dollar higher against the yen and boosting the earnings outlook of Japanese exporters.
The Topix index gained 0.8 percent to 1,380.41 at the close in Tokyo after erasing losses of as much as 1.7 percent. The index fell 4.4 percent last week to wipe out all its advance after Bank of Japan Governor Haruhiko Kuroda’s Jan. 29 stimulus boost. The Nikkei 225 Stock Average added 1.1 percent Monday to 17,004.30. The yen weakened 0.5 percent to 117.37 per dollar.