TOKYO, June 18 (Xinhua) -- Tokyo stocks rose for the third consecutive day on Wednesday, supported by a weakening yen and market expectations that the Bank of Japan (BOJ) will remain cautious about further rate hikes.
The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed at 38,885.15, up 348.41 points, or 0.9 percent, from the previous trading day.
Despite opening lower on the back of a weak U.S. market and heightened Middle East tensions, particularly between Israel and Iran, buying momentum picked up as the yen fell to the 145 range against the U.S. dollar.
The currency movement spurred speculative buying in futures by overseas short-term investors, including commodity trading advisors, leading to a futures-driven rally.
The broader Topix index also extended its gains for a third day, rising 21.40 points, or 0.77 percent, to 2,808.35.
On the Tokyo Stock Exchange Prime Market, gainers numbered 1,092, while 461 stocks declined and 74 were unchanged. ■
