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Nikkei climbs to a 7-week high supported by Wall Street gains and yen weakness

JAPAN (OBSERVATORY) –┬áThe benchmark Nikkei climbed to a seven-week high on Wednesday as risk appetite improved after Wall Street rallied on Tuesday, buoyed by hopes for earnings results as the yen’s decline helped stocks soar.

Political tensions on the Korean peninsula also boosted morale after a senior US official said CIA Director Mike Pompeo had paid a secret visit to North Korea during the Easter holiday and met with North Korean leader Kim Jong-un.

The Nikkei rose 1.4 percent to 22,158.20 points, the highest close since Feb. 27.

The dollar was up 0.3 percent at 107.295 yen after falling to 106.885 yen on Tuesday.

Large shares such as Fast Retail rose 2.1 percent and Vanuque rose 2.9 percent.

The shares of export-linked companies also performed well.

Advantest rose 3.8 percent, while TDK Corp. rose 2.5 percent and Panasonic Corp. rose 1.5 percent.

The broader TOPIX index was up 1.1 percent at 1749.67.