Japanese stocks closed at new highs on Wednesday as the weakest yen since November supported automakers, while energy stocks gained amid rising crude oil prices.
The Nikkei index closed 0.62 percent higher at 33,241.02 points, its highest closing level in a month.
The Topix index also ended trading up 0.62 percent at 2,392.53 points, its highest level in 33 years.
Thus, the two indices recorded an increase for the eighth session in a row, which is the longest period of gains for the Nikkei index since mid-May and the longest period for the Topix index since mid-April.
The dollar continues to rise against the yen and makes Japan's entire export sector more competitive, said Tony Sycamore, market analyst at IG, expecting the Nikkei to reach 35,000 points this year.
He added, “I don’t really see anything at the moment that destabilizes the dollar against the yen or the Nikkei index, both of which look very strong.”
The transportation equipment sector was among the 33 best-performing industrial groups on the Tokyo Stock Exchange, jumping two percent as the yen fell to about 148 per dollar, which boosted the value of foreign revenues.
Honda, Toyota, and Mazda shares rose 1.91 percent, 2.39 percent, and 4.67 percent, respectively.
Shares of oil and coal companies rose 1.47 percent after the price of crude oil exceeded $90 a barrel for the first time since November due to Saudi Arabia and Russia extending voluntary supply cuts until the end of the year.
