Tokyo stocks finished higher Monday on the strength of Wall Street's advance last Friday, with technology and banking issues leading the way. The U.S. dollar was down against the Japanese yen and the euro.
The Nikkei Stock Average of 225 selected issues rose 52.31 points, or 0.44 percent, to close at 11,925.36 points -- its highest closing since the April 28, 2004, finish of 12,004.29. The index has risen a total of 380.18 points, or 3.31 percent, over the last eight trading sessions, including Friday's gain of 15.59 points, or 0.14 percent.
The dollar was trading at 104.84 yen at 3 p.m. Monday, down 0.59 yen from late Friday in Tokyo but above the 104.75 yen it bought in New York later that day.
Stock prices continued to gain ground as investors welcomed Wall Street's 3 1/2-year high finish Friday following a stronger-than-expected jobs report.
Traders said the Nikkei's advance was also based on hopes for an economic recovery in Japan following recent healthy economic data, including an improved job data and a better-than-expected earner household spending.
The Nikkei last posted an eight-day rally during a period between Aug. 8 and Aug. 18, 1999.
Technology and banking issues led gains in Tokyo trading, including Hitachi Ltd., Kyocera Corp. and Canon Inc. Banks Sumitomo Mitsui Financial Group and Mitsubishi Tokyo Financial Group Inc. also ended higher.
Sony Corp. closed up 1.50 percent to $38.76 after its board of directors decided that its chief executive and chairman, Nobuyuki Idei, will step down to be replaced by Vice Chairman Howard Stringer in a reshuffle prompted by the manufacturer's faltering performance in its core electronics business. The decision on the management changes is still subject to shareholders' approval in June.
In New York on Friday, the Dow Jones industrial average rose 107.52, or 0.99 percent, to 10,940.55, its best showing since closing at 10,948.38 on June 12, 2001.
The S&P 500 was up 11.65, or 0.96 percent, at 1,222.12, the best finish since its 1,234.45 close on July 3, 2001. The Nasdaq composite index gained 12.21, or 0.59 percent, to 2,070.61, its best finish since Feb. 16.
In Tokyo Monday afternoon, the broader TOPIX, which includes all issues on the Tokyo market's first section, gained 7.72 points, or 0.65 percent, to finish Monday's trading at 1,199.83 points. The TOPIX added 2.59 points, or 0.22 percent, Friday.
In currencies, the dollar remained weaker after slipping in New York on Friday in the wake of the U.S. February payrolls report, as players sold back dollars they had overbought in anticipation of the jobs numbers.
Sentiment has been tilting slightly toward yen-buying because of growing views that Japan's economy will resume its recovery path, as indicated by continued gains in Tokyo stock prices, some traders said.
"There're always those who will buy the yen based on such a view," said Mitsuo Imaizumi, deputy general manager of foreign exchange at Daiwa Securities SMBC.
The euro rose to $1.3228 Monday afternoon in Tokyo from $1.3112 late Friday and to 138.67 yen from 138.23 yen.