Tokyo stocks close higher on trade hopes

Madiha Shakeel July 24, 2019

TOKYO: Tokyo stocks closed higher on Wednesday as reports that face-to-face US-China talks will be held next week lifted hopes for a trade agreement.

The Nikkei 225 index was up 0.41 percent, or 88.69 points, at 21,709.57, while the broader Topix index ended 0.40 percent, or 6.27 points, higher at 1,575.09.

News reports have said US Trade Representative Robert Lighthizer will lead a delegation to China next week to resume negotiations, also sending US shares higher.

“Expectations for progress in US-China trade talks and rallies in the Chinese market have supported” the Japanese market, Okasan Online Securities said in a note.

The dollar fetched 108.10 yen, compared with 108.22 yen in New York but higher than the levels below 108 yen earlier this week.

In Tokyo, Nissan ended up 0.95 percent at 781.6 yen after news reports said it planned to cut around 10,000 jobs. The reports came ahead of its earnings announcement on Thursday.

Its rivals were also higher, with Toyota closing up 1.36 percent at 7,197 yen and Honda up 1.27 percent at 2,850.5.

Sony rose 1.76 percent to 5,955 yen, chip testing equipment maker Advantest rallied 3.90 percent to 3,460 yen and electronic parts maker Rohm ended up 3.33 percent at 7,750 yen.

Copyright Reuters, 2019

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