Tokyo's Nikkei hits three-month high on US rallies

Tokyo's benchmark Nikkei index hit a three-month high on Wednesday as investors took heart from a strong showing on Wall Street and steady gains on Chinese shares.

Tokyo's Nikkei hits three-month high on US rallies
A cyclist wearing a face mask rides past an electric quotation board displaying the morning numbers of the Nikkei 225 Index on the Tokyo Stock Exchange in Tokyo on May 28, 2020. AFP
The Nikkei 225 index gained 1.29 percent, or 288.15 points, to end at 22,613.76, while the broader Topix index was up 0.72 percent, or 11.40 points, to 1,599.08.

"Tokyo stocks rose following gains on Wall Street as expectations on economic activities grew," said Okasan Online Securities in a commentary.

US stocks advanced on Tuesday, with investors focusing on the boost from stimulus measures and economic re-opening more than the mass protests sweeping through US cities.

The Dow finished with a gain of 1.1 percent.

The dollar fetched 108.56 yen in Asian trade, against 108.69 yen in New York, and 107.70 in Asian afternoon trade on Wednesday. 

In Tokyo trading, automakers were higher with Nissan surging 7.48 percent to 441 yen. 

Toyota jumped 2.08 percent to 6,915 yen and its rival Honda 2.58 percent to 2,897.5 yen.

Shionogi, a drugmaker that on Wednesday launched antibody tests for medical facilities, advanced 0.64 percent to 6,220 yen.

Uniqlo chain operator Fast Retailing grew 2.89 percent to 63,540 yen while Sony edged up 0.25 percent to 7,151 yen.

Topics: Tokyo , Nikkei , Okasan Online Securities , stocks , Shionogi , Uniqlo
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