Japan stocks extend rally as yen falls further

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By Michael Kitchen

LOS ANGELES (MarketWatch) -- Japan stocks enjoyed another day of explosive opening gains Monday, with the benchmark Nikkei Stock Average JP:100000018 +1.38%climbing 1.6% to 9,169.58 in the early minutes, and the Topix gaining 1.7%, after the yen struck a seven-month low against the U.S. dollar. Major exporters were among the top gainers, as the dollar rose to the mid-¥81 range, and the euro closed in on the ¥104 mark amid hopes a possible change of Japanese government will push greater monetary easing. Toshiba Corp. JP:6502 +3.19% TOSYY +2.91% jumped 3.9%, Hitachi Ltd.JP:6501 +2.07% HTHIF +0.76% added 3%, Komatsu Ltd. JP:6301 +2.68% KMTUF +0.56% rose 3.8%, Canon Inc. JP:7751 +3.56% CAJ +3.37% gained 4%, and Toyota Motor Corp.JP:7203 +2.26% TM +2.28% advanced 2.6%. Shares of Nintendo Co. JP:7974 +0.66%NTDOF +0.84% rose 2.3% as the firm launched the Wii U in the U.S., its first home videogame console in six years. Honda Motor Co. JP:7267 +0.96% HMC +3.36% rose 1.7% after a Nikkei business news report Saturday that the firm had raised its Japan sales target by 16% for the fiscal year ending in March.