Tokyo’s key Nikkei index edges up at close

TOKYO (AFP): Tokyo’s benchmark Nikkei index closed higher on Tuesday, recovering from earlier profit-taking losses as investors sought fresh trading cues.

The Nikkei 225 index rose 0.30 percent, or 94.62 points, to end at 31,328.16, while the broader Topix index slipped 0.07 percent, or 1.43 points, to 2,159.22.

Investors locked in profits in early trade after the Nikkei scored its highest finish in 33 years, while global markets hailed a broad deal in Washington over raising the debt ceiling.

Analysts say foreign market players have been a major driver of recent gains in Tokyo, and they are now taking a break with the US market closed on Monday for Memorial Day.

Tokyo trading saw “few market-moving factors after the US market close”, Daiwa Securities strategist Ryota Tokutake said.

Investors “remain cautious ahead of key US indicators” such as ADP jobs report and ISM manufacturing report due later this week, he added.

The dollar stood at 140.41 yen, compared with 140.27 yen in Europe.

Chip-testing equipment maker Advantest rallied 2.37 percent to 18,090 yen, while chip maker Renesas Electronics slipped 0.13 percent to 2,237.5 yen.

Automakers were among the winners, with Honda advancing 1.14 percent to 4,071 yen, Toyota ending up 0.60 percent to 1,940 yen, and Nissan up 1.60 percent to 533.30 yen.

Heavily weighted Fast Retailing, which operates the Uniqlo fashion chain, added 0.79 percent to 33,310 yen.