Tokyo stocks close higher with eyes on US inflation

TOKYO (AFP) : Tokyo shares closed higher Wednesday following gains on Wall Street, while investors awaited the release of US inflation data later in the day.

The benchmark Nikkei 225 index rose 0.57 percent, or 159.33 points, to 28,082.70, while the broader Topix index added 0.76 percent, or 15.07 points, to end at 2,006.92.

The dollar fetched 133.83 yen in Tokyo, up slightly from 133.69 yen in New York overnight.

Investors cheered gains of blue-chip shares in New York, but gradually adopted “a wait-and-see attitude” ahead of the US consumer price data, Mizuho Securities said.

Comments from US Treasury Secretary Janet Yellen also “contributed to easing worries over prospects of the US economy”, IwaiCosmo Securities added.

Yellen said she had not seen evidence of a contraction in credit, despite fears that households and firms could have a tougher time borrowing after recent banking sector turmoil.

Her comments come as central bankers, finance ministers and other participants gather in Washington for the International Monetary Fund and World Bank’s spring meetings this week, with global growth and debt restructuring among key topics on the agenda.

In Tokyo, shares of trading houses advanced after Warren Buffett, on a visit to the Japanese capital, told the Nikkei newspaper he was “very proud” of his investments in them.

Mitsubishi Corp gained 2.23 percent to 4,961 yen, and Marubeni Corp added 2.97 percent to 1,904 yen.

Elsewhere, Nintendo rose 0.98 percent to 5,466 yen and Hitachi grew 0.78 percent to 7,357 yen.

SoftBank Group climbed 1.49 percent to 5,178 yen after a report by the Financial Times said chief executive Masayoshi Son will officially agree with Nasdaq this week to list UK-based chip designer Arm.