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Tokyo stocks close higher on weak yen

Jun 15 2018 09:12

Tokyo stocks rose moderately on Friday, helped by Wall Street rallies and a cheaper yen against the dollar.

The benchmark Nikkei 225 index gained 0.50% to close at 22 851.75, logging a weekly gain of 0.69%.

The broader Topix index was up 0.29% at 1 789.04. It gained 0.43% over the week.

A record high for the US tech-rich Nasdaq index and a weak yen against the dollar supported Japanese shares, said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

The dollar fetched ¥110.89 in Asian afternoon trade, up from ¥110.58 in New York and ¥109.99 in Tokyo on Thursday.

"Investors are expected to try 23 000 in Nikkei next week, but concerns over the US-China trade dispute may weigh on the market," Horiuchi told AFP.

On Wall Street, the Nasdaq surged to a fresh record Thursday, boosted by higher media shares, as traders shrugged off trade-war worries amid signs of accelerating US growth.

Meanwhile, the euro tumbled against the dollar after the ECB sketched out a longer-than-expected timeframe for hiking interest rates.

The ECB's timeframe, included as part of its announcement that it would end stimulus bond-buying this year, stood out all the more a day after the US Federal Reserve accelerated its schedule for hiking interest rates.

Investors largely ignored the Bank of Japan's widely expected decision to keep its ultra-loose monetary policy unchanged.

In Tokyo, SoftBank fell 0.19% to ¥8 324 after reports said it is mulling an investment of dozens of billions of dollars in a solar-power project in India.

Oriental Land rallied 2.48% to ¥11 960 after the Tokyo Disney Resort operator announced a plan to expand the park.

Sony was up 1.07% at ¥5 445 while Nintendo was up 1.69% at 37 760.

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equities  |  markets  |  tokyo stocks
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