TOKYO: Tokyo stocks closed higher on Friday, extending gains from Wall Street as investors regained confidence and set aside inflation fears that stoked volatility earlier in the month.
The benchmark Nikkei 225 index gained 1.19 percent, or 255.27 points, to 21,720.25. Over the week, it jumped 1.58 percent.
The broader Topix index was up 1.05 percent, or 18.10 points, at 1,737.37, leaving it up 0.31 percent over the week.
“Buying sentiment is reviving as investors bought on dips following the recent declines,” said Shinichi Yamamoto, broker at Okasan Securities in Tokyo.
“The market took the lead from gains on Wall Street and appears to be bottoming out,” Yamamoto told AFP.
Wall Street stocks enjoyed more solid gains Thursday, climbing for a fifth straight session.
The Dow Jones Industrial Average rose 1.2 percent to close at 25,200.37.
In afternoon trade, the dollar dropped to 105.67 yen — the lowest since November 2016 — against 106.14 yen in New York.
“The 105-yen level is still within expectations,” Yamamoto said.
“However, a further gain in the yen is likely to weigh on the market,” he added.
Sony rose 1.75 percent to 5,264 yen and Toyota gained 0.92 percent to 7,208 yen.
Tokyo Electron, a major manufacturer of chip-making equipment, gained 1.81 percent to 20,425 yen, after a brokerage upgraded its estimate of the firm’s value.
Source: Brecorder.com
