TOKYO: Japan’s Nikkei share average closed higher in a widespread rally on Tuesday, supported by a softer yen and technology share gains, as an encouraging US economic outlook continued to support risk appetite globally.
The Nikkei rose more than 2% during the session before finishing up 1.8% at 38,062.92, its highest closing level since Aug. 1. The broader Topix rose 1.1% to 2,670.54.
Domestic tech stocks tracked their US peers higher to help lift the overall benchmark index, as Wall Street continued to rebound from a steep sell-off seen two weeks ago. “The theme these days were concerns over a recession in the United States are lessening,” said Hiroshi Namioka, chief strategist and fund manager at T&D Asset Management.
“The fact that US stocks are performing solidly now is having a relatively positive effect on Japanese shares.” Recent US data revived expectations of a soft landing for the world’s largest economy.
Source: Brecorder
