12.09.201401:09:14UTC+00Japanese stocks extend six-year high, exporters lift market

Japanese stocks climbed to a five-day winning streak as the Topix Index sets its sight to an extension of its six-year high bolstered by a rise for exporters as the yen continues its decline.

The Topix Index rose by 0.3% to 1,314.67 in Tokyo. The trend showed that approximately eight shares dropped for every nine that climbed. The index closed yesterday to its highest level last seen in July of 2008. For the week, the gauge has already amassed a total of 1.7%. The Nikkei 225 Stock Average added 0.4% to 15,970.50 while the nation’s currency further decreased, losing 0.1% to match the dollar at 107.25.

Sony Corp. and Astellas Pharma Inc. surged by 1.9% and 3.5%. Construction companies was the biggest laggard of the Topix’s 33 industry groups.

technical analyst at Mizuho Securities Co., Yutaka Miura, commented to Bloomberg that the market is likely to witness buying in the morning because of the effects of the weak yen. Miura adds that however, in the afternoon, the market might see a pause in the yen’s decline on the profit-taking as Japanese stocks “follow suit” and be sold-off.

Across the global market, investors are still wary as more hints that the Federal reserve Bank will be increasing interest rates sooner than expected proliferate the global markets. The next Fed meeting will be on September 16-17.