Tokyo stocks

Tokyo stocks close up on weak yen

Monitoring Desk

TOKYO: Tokyo stocks closed moderately higher on Wednesday despite losses on Wall Street on renewed pessimism about a new pandemic aid bill.

The benchmark Nikkei 225 index rose 0.41 percent, or 93.72 points, to 22,843.96, while the broader Topix index jumped 1.23 percent, or 19.57 points, to 1,605.53.

All three major indices in New York dropped after Republican Senate leader Mitch McConnell poured cold water on prospects for a deal on a new pandemic aid bill. Japanese shares shook off the negative lead with market sentiment sustained by a weak yen, brokers said.

“But gains were limited as profit-taking can easily emerge whenever the Nikkei is approaching 23,000,” said Yoshihiro Okumura, general manager at Chibagin Asset Management.

“Trading is expected to be range-bound for now,” he told AFP.

The dollar gained to 106.72 yen in Asian afternoon trade from 106.50 yen in New York late Tuesday and 106.15 yen in Tokyo.

SoftBank Group dropped 2.65 percent to 6,192 yen one day after reporting a $12 billion net profit to June, recovering from eye-watering losses the previous quarter.

Toyota rose 1.31 percent to 7,244 yen while rival Nissan grew 1.87 percent to 413.9 yen.

Fast Retailing, the parent firm of casual wear brand Uniqlo, was up 0.80 percent at 60,110 yen but Sony slid 0.87 percent to 8,462 yen. (AFP/APP)

Posted in