Topix hits fresh 33-year high on hopes for U.S. rate hike pause

Tokyo stocks extended gains on Monday, with the Topix index hitting a fresh 33-year high, as expectations built that the U.S. Federal Reserve may take a break from rate hikes following signs of a weakening labor market.

The 225-issue Nikkei Stock Average ended up 228.56 points, or 0.70 percent, from Friday at 32,939.18. The broader Topix index finished 23.98 points, or 1.02 percent, higher at 2,373.73.

On the top-tier Prime Market, gainers were led by iron and steel, marine transportation, and transportation equipment shares.