Thu, 04 Mar 2021

Tokyo stocks close higher on recovery hopes

News24
22 Feb 2021, 20:13 GMT+10

  • Tokyo stocks closed higher Monday on expectations of an economic recovery after the end of a coronavirus state of emergency.
  • Optimism for recovery has also helped boost the market since Japan began its vaccine rollout last week.
  • Investors are also keeping an eye on testimony this week by Federal Reserve Chairman Jerome Powell that is likely to support the market.

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%, or 138.11 points, to end at 30 156.03, while the broader Topix index advanced 0.49%, 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% to 10 530 yen while Uniqlo casual wear operator Fast Retailing gained 0.14% to 104 900 yen.

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

Sony edged up 0.12% to 11 980 yen.

The dollar fetched 105.64 yen in Asian trade, against 105.46 yen in New York.

Source: News24

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