Tokyo stocks mark biggest gain in over a month

Tokyo stocks surged Thursday, with a key index rising the most in more than one month, helped by overnight gains on Wall Streets and the yen's depreciation against the US dollar, as well as better-than-expected Chinese economic data. The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) advanced 295.62 points, or 2.11 percent, from Wednesday to 14,337.79, posting the steepest one-day gain since April 16. The broader Tokyo Stock Price Index, which includes all First Section issues on the TSE, was up 19.29 points, or 1.68 percent, to 1,169.34. On Wednesday, US stocks jumped after minutes from the Federal Reserve's April 29-30 meeting showed that central bankers discussed ways to raise interest rates. The yen's depreciation against the US dollar also prompted Japanese investors to buy export-oriented issues. The weak yen supports exports by making Japanese products more competitive overseas and increase the value of repatriated overseas earning. Shares also climbed as a Chinese key manufacturing index improved to a five-month high in May. Preliminary results of a business survey by Markit Economics and British bank HSBC Ltd. showed Thursday that Manufacturing Purchasing Managers Index rose to 49.7 percent, the highest since December 2013. In the currency markets, at 6 p.m. (0900 GMT), the US dollar traded at JPY 101.57-60 versus JPY 101.32-42 in New York and JPY 100.94-95 in Tokyo at 5 p.m. Wednesday