Tokyo stocks rose Monday morning, sending the Nikkei and Topix indexes to fresh 34-year intraday highs, as strong earnings from domestic retailers lifted sentiment.
The 225-issue Nikkei Stock Average gained 293.62 points, or 0.83 percent, from Friday to 35,870.73. The broader Topix index was up 25.78 points, or 1.03 percent, at 2,520.01.
The U.S. dollar moved little around the 145 yen line in Tokyo amid a lack of trading incentives, dealers said.
At noon, the dollar fetched 144.96-99 yen compared with 144.87-97 yen in New York and 145.14-16 yen in Tokyo at 5 p.m. Friday.
The euro was quoted at $1.0963-0967 and 158.92-159.01 yen against $1.0945-0955 and 158.62-72 yen in New York and $1.0965-0967 and 159.15-19 yen in Tokyo late Friday afternoon.
The Nikkei and Topix hit levels last seen in early 1990, months after they registered historic highs supported by an asset-inflated economic bubble.
The market was supported by robust earnings reports from retailers on Friday, which raised hopes that stocks can weather the headwinds of a stronger yen as the U.S. Federal Reserve is projected to cut interest rates later in the year, analysts said. A weak yen boosts exporters' profits when repatriated.
"As the yen's depreciation slows, the results from retailers led to a sense of security about corporate earnings, as investors hope wages will rise and consumption will increase," said Kazuo Kamitani, a strategist in the Investment Content Department of Nomura Securities Co.
