Tokyo stocks close higher

TOKYO (AFP): Tokyo stocks closed higher on Tuesday, led by tech shares, following a rally on Wall Street. The benchmark Nikkei 225 index added 0.92 percent, or 291.07 points, to 31,856.71, while the broader Topix index advanced 1.08 percent, or 24.22 points, to 2,265.71.

The Japanese market received a “tailwind from rallies in high-tech shares in the US market” and a relatively cheaper yen against the dollar, Iwai Cosmo Securities said in a note. Investors were also waiting for fresh clues on future US interest rates from a meeting of central bankers in Jackson Hole, Wyoming, this week. During afternoon trade, Bank of Japan governor Kazuo Ueda met Prime Minister Fumio Kishida, public broadcaster NHK and other media reports said.

After the meeting, Ueda told reporters he explained the bank’s policy to the premier, but that “there wasn’t (talks) specifically” about foreign currency exchange rates. The dollar traded at 146.06 yen in late Tokyo hours, slightly down from 146.22 yen in New York but up from 145.43 in Tokyo on Monday.

Investors have been closely watching comments from policymakers as the yen wallows around levels that could spark authorities into an intervention to support the unit. SoftBank Group jumped 1.40 percent after chip unit Arm filed preliminary papers Monday to list in New York.

Semiconductor-linked shares rallied, with Tokyo Electron gaining 1.92 percent and Advantest soaring 4.60 percent. Eisai slipped 1.70 percent after early gains, even after a health ministry panel recommendation of approval for its Alzheimer’s drug jointly developed with Biogen.