TOKYO, Sept. 28 (Xinhua) -- Tokyo stocks closed higher Friday, with the benchmark Nikkei Stock Average briefly hitting a near 27-year high, as buying was supported by hopes for solid domestic corporate earnings and a weaker yen.
The 225-issue Nikkei index added 323.30 points, or 1.36 percent, from Thursday to close the day at 24,120.04.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 17.14 points, or 0.95 percent, to finish at 1,817.25.
Local brokers said that trading got off to a solid start on the back of U.S. technology shares climbing overnight, aided by the U.S. Federal Reserve's upbeat outlook for the world's largest economy.
They noted that the Nikkei index surged to its highest intraday level since Nov. 15, 1991, hitting the 24,286.10 mark.
Market analysts here also said that the yen's decline to a nine-month low against the U.S. dollar also added support and gave export-linked issues a boost.
Exporters cheer a weaker yen as overseas profits and competitiveness in foreign markets are enhanced, with the prospect of augmented yields being repatriated leading firms to upwardly revise their profit outlooks and earnings.
"There are many companies which have based their foreign currency expectations at 105 yen this year so there are hopes that companies may revise up their forecasts," Shusuke Yamada, chief Japan FX and equity strategist at Bank Of America Merrill Lynch, was quoted as saying.
Along with Wall Street's positive lead and a comparatively weak yen, investment strategists said that market players were in a risk-on mood and also sought out issues on expectations of solid corporate earnings for the first half year in the current business year, as well as those deemed undervalued compared to their foreign counterparts.
"Investors immediately sought a wide range of Japanese shares, viewed as cheaper but more profitable than their U.S. counterparts, after the U.S. currency further advanced against the yen following robust U.S. durable goods orders for August," Chihiro Ota, general manager of investment research at SMBC Nikko Securities Inc. highlighted.
By the close of play, information and communication, chemical, and pulp and paper-linked issues comprised those that gained the most.
Among exporter issues benefiting from the yen's retreat Friday, Nippon Electric Glass added 2.9 percent to 3,575 yen, while Sony jumped 4.5 percent to close the day at 6,966 yen.
SoftBank Group leapt 4.7 percent to 11,470 yen, following the company launching a taxi-hailing service a day earlier incorporating an app developed by Chinese ride-sharing firm Didi Chuxing Technology.
Shipping firms also comprised notable advancers, following a key index rising overnight, with Kawasaki Kisen rising 1.8 percent and Mitsui OSK Lines closing the day up 1.4 percent.
Rising issues beat declining one by 1,399 to 623 on the First Section, while 82 ended the day unchanged, and on the main section on Friday, 1,557.26 million shares changed hands, rising from Thursday's volume of 1,390.56 million shares.
The turnover on the final trading day of the week came to 3,192.9 billion yen (28.13 billion U.S. dollars).
