Tokyo stocks end 2% higher
Tokyo shares rose on Wednesday as stronger than expected US economic readings and a weaker yen boosted investor confidence. The Nikkei 225 index gained 2.02%, while the Topix index increased 1.99%. Wall Street also saw gains as positive economic d...
By AFP | Updated:
AP
Tokyo shares ended sharply higher on Wednesday, with investors cheered by stronger-than-expected US economic readings, while the yen's slide also encouraged buying.
The benchmark Nikkei 225 index jumped 2.02 percent, or 655.66 points, to end at 33,193.99, while the broader Topix index added 1.99 percent, or 44.79 points, to 2,298.60.
The dollar fetched 143.90 yen against the 144.06 yen seen in New York but still advanced from 143.50 yen in Tokyo on Tuesday.
Overnight, Wall Street moved higher after a string of readings soothed concerns about a possible recession.
US investors cheered news that a closely watched gauge of consumer confidence last month hit its highest level since January last year, while new home sales surged in May and orders for big-ticket manufactured items rose again.
The yen further depreciated against the dollar following indications from finance minister Shunichi Suzuki that he was watching the market with "a strong sense of urgency".
"A series of positive economic data prompted three major indices on Wall Street to rebound, which, coupled with the yen's slide, caused buying to prevail across a wide variety of stocks," IwaiCosmo Securities said in a note.
Among major shares in Tokyo, SoftBank Group surged 2.02 percent to 6,650, Sony Group jumped 2.57 percent to 13,160 yen and Toyota rose 2.81 percent to 2,300 yen.
Uniqlo operator Fast Retailing added 1.62 percent to 36,330 yen.
The benchmark Nikkei 225 index jumped 2.02 percent, or 655.66 points, to end at 33,193.99, while the broader Topix index added 1.99 percent, or 44.79 points, to 2,298.60.
The dollar fetched 143.90 yen against the 144.06 yen seen in New York but still advanced from 143.50 yen in Tokyo on Tuesday.
Overnight, Wall Street moved higher after a string of readings soothed concerns about a possible recession.
US investors cheered news that a closely watched gauge of consumer confidence last month hit its highest level since January last year, while new home sales surged in May and orders for big-ticket manufactured items rose again.
The yen further depreciated against the dollar following indications from finance minister Shunichi Suzuki that he was watching the market with "a strong sense of urgency".
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"A series of positive economic data prompted three major indices on Wall Street to rebound, which, coupled with the yen's slide, caused buying to prevail across a wide variety of stocks," IwaiCosmo Securities said in a note.
Among major shares in Tokyo, SoftBank Group surged 2.02 percent to 6,650, Sony Group jumped 2.57 percent to 13,160 yen and Toyota rose 2.81 percent to 2,300 yen.
Uniqlo operator Fast Retailing added 1.62 percent to 36,330 yen.
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