The benchmark Nikkei 225 index was up 0.19%, or 81.73 points, at 38,670.21 in morning trade, while the broader Topix index added 0.52%, or 14.10 points, to 2,738.79.

Following a retreat in Nvidia in New York and weak share prices elsewhere, “there are few factors to prompt buying” in Tokyo, Matsui Securities said.

But “the yen’s depreciation and expectations that dividends could be reinvested may support the market”, it added.

The dollar bought 159.88 yen, easing modestly from levels of 159.90 in Tokyo’s early hours, with the Japanese currency nearly hitting a new three-decade low.

The yen’s latest slide has put traders on intervention watch after Japan’s finance ministry spent 9.79 trillion yen (US$61 billion) to prop up the yen between April 26 and May 29.

“We are ready to take appropriate measures any time if excessive movements occur” in forex markets, Japan’s top currency diplomat Masato Kanda said on Monday.

“If there are excessive movements, that would have an extremely negative impact on the Japanese economy,” he added.

A cheaper yen is generally good for Japanese manufacturers as it inflates their repatriated profits, but it causes a rise in imported goods and ultimately hits household spending.

Among major shares, Toyota was up 2.37% at 3,147 yen and Hitachi was down 0.39% at 16,705 yen. Chipmaker Renesas Electronics was down 1.33% at 3,038 yen.

Tokyo Electric Co (TEPCO) was up 1.29% at 854.4 yen, after a report said it plans to launch a hydrogen supply business as early as fiscal 2026.