Tokyo stocks close higher after US gains

Economy

Tokyo | AFP

Tokyo stocks closed higher on Friday, tracking rises in US shares as investors cheered President Joe Biden’s pledge to boost vaccination efforts.

The Nikkei 225 gained 1.56 percent, or 446.82 points, to end at 29,176.70, while the broader Topix index rose 1.46 percent, or 28.61 points, to 1,984.16.

The Tokyo market kept up momentum seen in New York, where investors welcomed Biden’s pledge to administer 200 million doses of Covid-19 vaccine in his first 100 days in office -- double his earlier target -- fuelling hope that the economy may soon regain a sense of normalcy.

“The Nikkei index rose following gains of all three major US indexes,” Okasan Online Securities said.

In Tokyo trading, SoftBank Group grew 1.79 percent to 9,238 yen while Fast Retailing added 0.88 percent to 85,650 yen.

Automakers were higher with Toyota jumping 2.47 percent to 8,359 yen, Honda rising 0.85 percent to 3,304 yen and Nissan growing 2.29 percent to 605 yen.

Sony climbed 1.96 percent to 11,435 yen.

The dollar bought 109.26 yen in Tokyo in the afternoon, compared with 109.23 in New York overnight.

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AFP