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Friday, April 26, 2024

Tokyo stocks close higher

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Tokyo stocks closed higher on Friday with investors heartened by rallies in US shares and the yen's stability against the dollar.

The benchmark Nikkei 225 index rose 0.62 percent, or 122.69 points, to 20,037.47, while the broader Topix index gained 0.50 percent, or 7.22 points, to 1,453.77.

Tokyo stocks opened higher as investors bought on dips after shares fell for a third straight session.

"The Japanese market is supported by US rallies," Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

Wall Street stocks finished higher Thursday as beaten-down banking shares rallied, while another spike in jobless claims was better than market expectations.

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"The yen's stability also helped sustain market sentiment," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

The dollar fetched 107.22 yen in Asian afternoon trade, against 107.27 yen in New York.

Investors cautiously digested mixed figures announced by China.

"The market hardly reacted to Chinese indicators, but overall, they are not such bad news," Horiuchi said.

China's industrial output returned to growth for the first time this year in April, official data showed Friday, while another sharp drop in retail sales indicated crucial consumer demand remains weak.

In Tokyo, blue-chip exporters were higher with Sony rallying 1.04 percent to 6,865 yen, Nintendo rising 0.53 percent to 45,010 yen and Toyota edging up 0.09 percent to 6,249 yen.

Chip-making equipment maker Tokyo Electron jumped 2.03 percent to 22,525 yen, but Uniqlo casual wear operator Fast Retailing lost 1.06 percent to 51,050 yen.

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