Tokyo stocks hit 7-month high on Cabinet reshuffle, weak yen

Tokyo stocks rose on Tuesday to hit a seven-month high, as a Cabinet reshuffle by Prime Minister Shinzo Abe due Wednesday and the weaker yen bolstered investor sentiment.
The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) gained 192.00 points, or 1.24 percent, from Monday to 15,668.60, its highest closing since Jan. 23.
The broader Tokyo Stock Price Index, which includes all shares on the market's First Section on the TSE, was also up 13.94 points, or 1.09 percent, to 1,297.00. Japanese media reports said that Abe is expected to appoint ruling Liberal Democratic Party (LDP) lawmaker Yasuhisa Shiozaki as a health minister in the planned cabinet reshuffle. Shiozaki is known as the LDP's biggest advocate for reforming the Government Pension Investment Fund's assets.
The yen's depreciation against the US dollar and the euro also prompted investors to buy export-oriented issues in Tokyo.
The weak yen supports exports by making Japanese products more competitive overseas and increase the value of repatriated overseas earning.
In the currency markets, at 4:15 p.m. (0715 GMT), the dollar fetched JPY 104.82-84 against JPY 104.14-16 in Tokyo at 5 p.m. Monday. US financial markets were closed Monday for the Labor Day holiday.