Tokyo stocks rose Wednesday morning, with the Nikkei index briefly surging over 600 points to a new 34-year intraday high on buying of exporters on a weaker yen, before gains were trimmed by profit-taking.
The 225-issue Nikkei Stock Average rose 191.17 points, or 0.54 percent, from Tuesday to 35,810.35. The broader Topix index was up 14.75 points, or 0.59 percent, at 2,518.73.
The U.S. dollar briefly climbed to a one-month high in the mid-147 yen range in Tokyo on receding prospects of an interest rate cut in March by the Federal Reserve after a senior Fed official said the central bank should not rush to reduce borrowing costs despite signs of easing inflation.
At noon, the dollar fetched 147.25-28 yen compared with 147.12-22 yen in New York and 146.15-17 yen in Tokyo at 5 p.m. Tuesday.
The euro was quoted at $1.0873-0877 and 160.10-20 yen against $1.0869-0879 and 160.06-16 yen in New York and $1.0917-0918 and 159.56-60 yen in Tokyo late Tuesday afternoon.
On the equities market, the Nikkei benchmark index briefly rose above the 36,000 mark, also lifted by heavyweight technology stocks SoftBank Group and Tokyo Electron that tracked gains in a key U.S. semiconductor index overnight.
Fujitsu fell 3.6 percent after its European director told British lawmakers Tuesday the company has a "moral obligation" to provide redress to victims of a scandal in which its faulty software led to British post office staff being wrongly accused of embezzlement.
