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Tokyo shares end higher for eight straight sessions

Sep 12 2019 09:39

Tokyo shares closed higher on Thursday for an eight-day winning streak, as players cheered Japan's new cabinet as well as receding worries about the US-China trade spat.

The headline Nikkei 225 index added 0.75% to close at 21 759.61, while the broader Topix index rose 0.72% to 1 595.10.

The Tokyo market stayed comfortably in positive range through the day, as optimism about US-China talks boosted Wall Street shares overnight.

Shortly before the opening bell, US President Donald Trump tweeted that he would delay a tariff increase on Chinese goods "as a gesture of good will".

The message "further eased concerns about US-China trade friction", SMBC Nikko Securities said in a commentary.

Prime Minister Shinzo Abe announced a new cabinet Wednesday, largely keeping his trusted aids in key positions.

New Environment Minister Shinjiro Koizumi attracted attention, even among market players curious about whether the ministry might work with the telegenic lawmaker to push for a carbon tax, said Okasan Online Securities.

The yen's rise also encouraged investors, the brokerage added.

The market's gain plateaued in the afternoon as investors began to take a wait-and-see attitude ahead of the European Central Bank's policy meeting as well as a barrage of major US indicators such as consumer prices and initial jobless claims, analysts said.

The dollar stood at ¥107.98, against ¥107.83 in New York late on Wednesday.

Among major shares, Yahoo Japan soared 2.35% to ¥305 after it announced a plan to take a majority stake in popular online fashion retailer Zozo.

Zozo is best known for its eccentric billionaire founder Yusaku Maezawa, who a year ago appeared with Space X CEO Elon Musk to announce himself as the first paying customer to travel around the moon.

Sony added 0.99% to ¥6 515. Nintendo rose 1.17% to 41 580.

Toyota dropped 0.22% to ¥7 339. Mitsubishi UFJ Financial Group fell 0.30% to 568.3.

equities  |  markets  |  tokyo stocks
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