TOKYO, June 13 (Xinhua) -- Tokyo stocks closed higher Wednesday as a weaker yen lifted exporter issues, although some investors sat on the fence ahead of the outcome of the U.S. Federal Reserve's monetary policy meeting.
The 225-issue Nikkei Stock Average gained 88.03 points, or 0.38 percent, from Tuesday to close the day at 22,966.38.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 7.55 points, or 0.42 percent, to finish at 1,800.37.
The yen's retreat against the U.S. dollar created a risk-on move and saw investors move to buy stock futures, with exporters getting a boost and helping the Nikkei index rise to a fresh three-week high, brokers here said.
Exporters become an attractive proposition when the yen is weak as their competitiveness in overseas markets increases as are profits when they are repatriated on favorable currency exchanges, equity strategists noted.
But a wait-and-see mood prevailed in later trade with investors opting not to assume bold positions ahead of the outcome of the Fed's two-day policy meeting and whether or not there would be any suggestions the Fed would hike its interest rates at a quicker pace than expected, market strategists here said.
By the close of play, marine transportation, real estate and service-oriented issues comprised those that gained the most, and rising issues beat falling ones by 1,286 to 703 on the First Section, while 100 ended the day unchanged.
On the main section on Wednesday, 1,198.57 million shares changed hands, dropping from Tuesday's volume of 1,238.09 million shares.
The turnover on the third trading day of the week came to 2,248.9 billion yen (20.33 billion yen).