Tokyo stocks close higher on recovery hopes

The benchmark Nikkei 225 index rose 0.46 per cent, or 138.11 points, to end at 30,156.03, while the broader Topix index advanced 0.49 per cent, or 9.40 points, to 1,938.35. — Reuters pic
The benchmark Nikkei 225 index rose 0.46 per cent, or 138.11 points, to end at 30,156.03, while the broader Topix index advanced 0.49 per cent, or 9.40 points, to 1,938.35. — Reuters pic

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TOKYO, Feb 22 — Tokyo stocks closed higher Monday on expectations of an economic recovery after the end of a coronavirus state of emergency in the Japanese capital and other regions.

The benchmark Nikkei 225 index rose 0.46 per cent, or 138.11 points, to end at 30,156.03, while the broader Topix index advanced 0.49 per cent, or 9.40 points, to 1,938.35.

“Hopes are rising that the state of emergency will be lifted as the number of new cases declines,” said Yoshihiro Ito, chief strategist at Okasan Online Securities.

Optimism for recovery has also helped boost the market since Japan began its vaccine rollout last week, Ito said.

There were 178 new Covid-19 cases reported in Tokyo on Monday, local media reported — the first time daily infections have dropped below 200 since late November.

Investors are also keeping an eye on testimony this week by Federal Reserve Chairman Jerome Powell that is likely to support the market.

In Tokyo trading, market heavyweight SoftBank Group jumped 1.73 per cent to ¥10,530 (RM402.55) while Uniqlo casual wear operator Fast Retailing gained 0.14 per cent to ¥104,900.

Automakers were lower with Toyota inching down 0.06 per cent to ¥8,060, Honda losing 0.11 per cent to ¥2,978 and Nissan dipping 0.25 per cent to ¥587.

Sony edged up 0.12 per cent to ¥11,980.

The dollar fetched ¥105.64 in Asian trade, against ¥105.46 in New York. — AFP

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