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Tokyo Stocks up for 6th Day on Hopes for U.S. Rate Hike Pause

Tokyo stocks advanced for the sixth straight trading day on Monday, as sentiment built that the U.S. central bank may take a break from rate hikes following signs of a weakening labor market.

Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended up 228.56 points, or 0.70 percent, from Friday at 32,939.18.

The broader Topix index, meanwhile, increased 23.98 points, or 1.02 percent, to finish at 2,373.73, hitting a fresh 33-year high.

Investors snapped up a wide range of shares, taking a cue from U.S. data released Friday that showed a rise in the unemployment rate and slower-than-expected growth in average hourly wages for August.

A softening of the U.S. labor market reinforced investors’ expectations that the U.S. Federal Reserve will pause its rate increases as soon as the next policy meeting scheduled for later this month, analysts said.

On the Prime section, gainers trounced decliners 1,422 to 372 while 40 issues were flat.