Japan's TOPIX hits 5-year high

Tokyo stocks jumped Wednesday, sending a key index to the highest closing level in more than five years on the yen's depreciation against major currencies and overnight gains in US and European shares. The broader Tokyo Stock Price Index, which includes all shares on Tokyo Stock Exchange's (TSE) first section, gained 22.98 points, or 1.79 percent, from Tuesday to 1,306.23, the highest finish since July 24, 2008, with 31 of 33 subindexes ending in positive territory. The index saw its largest rally since Sept. 19. The 225-issue Nikkei Stock Average on the TSE also advanced 307.08 points, or 1.94 percent, to 16,121.45, the first finish above the 16,000 threshold since Dec. 30. The yen's depreciation against the US dollar and the euro prompted investors to buy export-oriented issues. The weak yen supports exports by making Japanese products more competitive overseas and increase the value of repatriated overseas earning. The Nikkei index was up more than 50 percent in 2013, as the Japanese economy has shown signs of recovery with the effects of Prime Minister Shinzo Abe's ambitious economic policies called "Abenomics," which focus on easing monetary policy, massive government spending and growth strategy. In the currency markets, at 5:30 p.m. (0830 GMT), the US dollar traded at JPY 104.96-98 versus JPY 104.55-65 in New York and JPY 104.35-37 in Tokyo at 5 p.m. Tuesday.