Tokyo stocks up 1.10% by the break

Tokyo stocks rose 1.10 percent by the break Tuesday, tracking Wall Street's gains, with the post-election rally continuing after the conservative opposition swept to victory in weekend polls.

The benchmark Nikkei 225 index added 108.56 points to 9,937.44, while the broader Topix index of all first-section shares rose 1.19 percent, or 9.58 points, to 817.42.

"Stocks stand to be supported Tuesday -- there should be some follow-through buying after Monday's post-election rally," said Tatsunori Kawai, chief strategist at kabu.com Securities.

The Tokyo market won support after the yen dived to multi-month lows against the dollar and yen Monday following the win by Japan's Liberal Democratic Party that installs hawkish LDP head Shinzo Abe as prime minister.

Abe campaigned on a promise to pressure the Bank of Japan into more aggressive easing measures to boost the limp economy.

"Long-interest in Japanese stocks remains strong among foreign investors hoping that the incoming ruling coalition will compel the BoJ to act in favour of more policy easing," an equity trading director at a foreign brokerage told Dow Jones Newswires.

The Bank of Japan holds a two-day policy meeting from Wednesday, with bank officials expected to discuss whether to further ease monetary policy.

Also on the agenda will be the possibility of setting an inflation target, with Abe pushing for a two percent goal, Kyodo news agency reported.

US stocks rose on Wall Street's hopes for a compromise among divided US lawmakers to avert the fiscal cliff of tax hikes and spending cuts that would probably tip the US into recession.

In Tokyo, Toyota shares jumped to their highest level this year, boosted by the weaker yen and after a report saying the firm was on track to be world's biggest automaker in 2012, overtaking General Motors and Volkswagen.

Its shares were up 1.93 percent at 3,690 yen.

Fukushima operator TEPCO soared nearly 28 percent in the morning, its second huge jump in as many days after Abe's election triumph cast doubt on plans to ditch atomic power following last year's nuclear disaster.

The utility giant eased to 229 yen by the break, still up 13.36 percent.

On currency markets, the dollar rose to 84.04 yen from 83.87 yen in New York on Monday, while the euro was higher at $1.3172 and 110.60 yen, from $1.3161 and 110.40 yen.

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