TOKYO, Sept 3 — Tokyo shares closed up 0.48 per cent today after a Wall Street rally fuelled by optimism over the US economy and with volatile Chinese markets closed for a long weekend.
The Nikkei 225 index at the Tokyo Stock Exchange rose 86.99 points to close at 18,182.39, while the Topix index of all first section shares added 0.61 per cent, or 8.99 points, to 1,474.98.
Deep worries over the Chinese outlook remained, but general confidence in the US economy lifted Wall Street, boosting optimism elsewhere.
The Dow Jones Industrial Average finished yesterday up 1.82 per cent, the broader S&P 500 gained 1.83 per cent, while the Nasdaq added 2.46 per cent.
Roller-coaster Chinese markets are closed today and tomorrow as the country holds World War II victory celebrations.
“One modest positive today is the fact China is offline for its Victory Day commemorations,” Chris Weston, Melbourne-based chief markets strategist at IG Ltd, told Bloomberg News.
“So traders and investors will be focused on domestic data, valuations and trying to understand how to navigate these crazy markets.”
Providing support was an upbeat Federal Reserve Beige Book report US economic growth.
The regional economic survey pointed to modest to moderate growth across most of the central bank’s 12 districts, with survey respondents optimistic about the coming months.
“Respondents in most sectors across districts expected growth to continue at its recent pace,” it said.
Eyes are on the US central bank as its policymakers prepare to gather in two weeks for a meeting where they may decide to hike key interest rates.
Federal Reserve vice chair Stanley Fischer said at the weekend a hike in borrowing rates was still possible in September.
In Tokyo, Toyota shares gained 2.42 per cent to end at ¥7,185 (RM252.612), while banking giant Mitsubishi UFJ fell 0.75 per cent to ¥761.3 and market heavyweight Fast Retailing, operator of the Uniqlo chain, was down 1.25 per cent at ¥47,795.
In forex markets, the dollar bought ¥120.46, up from ¥120.32 in New York. — AFP
