TOKYO: Tokyo stocks ran out of steam to end virtually flat on Monday but still at a 21-year high ahead of key Japanese and US central bank announcements.
The benchmark Nikkei 225 index added 0.01 percent, or 3.22 points, to close at 22,011.67. The broader Topix index was down 0.01 percent, or 0.21 points, at 1,770.84.
The Nikkei has risen to its highest level in over two decades as it rides a global equities rally, with Japan’s earnings season getting into full swing.
“The earnings results have been good so far, with companies revising up full-year profit forecasts,” said Shinichi Yamamoto, a senior strategist at Okasan Securities.
“The Nikkei 225 exceeding 22,000 yen was unexpected. It would be a good timing for the market to take a breather in the upward trend,” he told Bloomberg News.
Investors were also cautious before policy meetings of the Bank of Japan and the US Federal Reserve this week.
In New York on Friday, the tech-heavy Nasdaq and broad-based S&P 500 powered to fresh records following blowout earnings from Amazon and other tech giants and a bullish update from Apple on its latest smartphone.
In Tokyo trade Monday, tech giant SoftBank rose 1.31 percent to end at 10,430 yen, while Sony rose 0.72 percent to 4,310 yen.
Mizuho Financial closed 0.19 percent lower at 208.4 yen, losing early gains after reports said the bank plans to shed 19,000 jobs, or nearly one-third of its workforce, over the coming decade. The bank declined to comment.
Mitsubishi UFJ Financial fell 1.04 percent to 782.6 yen and Sumitomo Mitsui Financial was down 0.47 percent to end the day at 4,597 yen.
Kobe Steel, reeling from quality data-faking scandal, jumped 2.22 percent to 920 yen after the Nikkei business daily reported that major Japanese banks were preparing billions of dollars in loans to the troubled steelmaker.
In forex markets, the dollar fetched 113.64 yen against 113.67 yen in New York.
Source: Brecorder.com
