TOKYO, Oct 11 (Reuters) - Japan's Nikkei share average rose
for a third straight session on Monday, as a sharp decline in
the yen boosted exporters and a drop in COVID-19 infections
supported investor sentiment.
The Nikkei climbed 1.57% to 28,488.95 by the midday
break, while the broader Topix rose 1.41% to 1,989.51
and was headed for a second straight session of gains.
Gains in other Asian stock markets also supported Japanese
equities. An index of Asia-Pacific shares excluding Japan
rose 0.56%, led by a 2% jump in Hong Kong's Hang
New cases of coronavirus infections in Japan fell to 553 on
Sunday, the lowest in almost a year, according to public
broadcaster NHK. At the height of Japan's fifth wave in late
August, the number was close to 26,000.
"The rapid drop in coronavirus infections nationwide has
taken away one reason for investors to be cautious, and they are
buying back shares," said a market participant at a domestic
Air transport was the best performing Topix sector,
rising 2.64%. ANA Holdings rose 2.63% and Japan
Airlines added 2.66%.
Meanwhile, the yen slid as far as 112.50 per dollar for the
first time since December 2018. A weaker currency increases the
value of goods sold overseas when profits are repatriated.
Toyota Motor rose 2.6%, while Mitsubishi Motors
rallied 4.93% and Nissan Motor gained 4.53%.
Panasonic Corp. was the biggest gainer on the
Nikkei with a 6.71% advance.
Sony Group rose 3.92% amid a report that it might
build a new chip plant with TSMC in Japan.
(Reporting by Tokyo Markets Team; Editing by Subhranshu Sahu)