TOKYO, July 29 ― Tokyo stocks closed higher today as investors took heart from gains in US tech shares after the Fed decided against any major changes to its monetary policy.

The benchmark Nikkei 225 index rose 0.73 per cent, or 200.76 points, to 27,782.42, while the broader Topix index gained 0.41 per cent, or 7.78 points, to 1,927.43.

“Rallies in US tech shares are providing a positive push for the Tokyo market but an expansion in virus cases in Japan could offset the positive mood, leading to lack of a clear direction in trade,” Mizuho Securities said.

The Nasdaq rallied yesterday after the US Federal Reserve made no major changes to its monetary policy.

Advertisement

“Although shares rose today, market sentiment in Tokyo is not so strong,” said Yoshihiro Okumura of Chibagin Asset Management.

“Profit-taking can easily emerge on each sizable gain,” Okumura told AFP. “Trading is expected to be range-bound for now.”

The dollar fetched ¥109.69 (RM4.22) in Asian afternoon trade, against ¥109.90 in New York late Wednesday.

Advertisement

In Tokyo, tech shares were among winners. Chip-testing equipment maker Advantest soared 7.33 per cent to ¥9,810 with chip-making equipment manufacturer Tokyo Electron up 2.50 per cent at ¥45,490.

Nissan climbed 5.76 per cent to ¥627.9 after the automaker upgraded its annual outlook, projecting a return to the black.

“Investors are targeting shares of companies showing favourable results,” Okumura said.

SoftBank Group jumped 4.07 per cent to ¥7,020 following reports that the firm was selling its stake in ride-hailing company Uber.

Panasonic rose 1.80 per cent to ¥1,350. After the closing bell, the company said it returned to the black in the first quarter with strong sales, but left its annual forecast unchanged. ― AFP