Tokyo stocks close higher on bargain-hunting
- The dollar fetched 109.71 yen in Asian trade, against 109.47 yen in New York late Tuesday.
TOKYO: Tokyo stocks closed higher on Wednesday in cautious trade as bargain-hunting purchases overwhelmed worries over US inflation ahead of key jobs data.
The benchmark Nikkei 225 index ended up 0.46 percent, or 131.80 points, at 28,946.14, while the broader Topix index was up 0.84 percent, or 16.15 points, at 1,942.33.
"After starting with slides, shares rebounded led by stocks sensitive to economic cycles," said Yoshihiro Ito, chief strategist at Okasan Online Securities.
While bargain-hunting prevailed, traders remained cautious ahead of the Friday release of closely watched US jobs data, hoping to glean clues on US monetary policy linked to inflation fears, analysts added.
The dollar fetched 109.71 yen in Asian trade, against 109.47 yen in New York late Tuesday.
In Tokyo, SoftBank Group was down 0.65 percent at 8,109 yen and Olympus dropped 2.87 percent to 2,298 yen.
But Toyota rallied 2.18 percent to 9,628 yen and Nippon Steel gained 1.08 percent to 2,007.5 yen.
Shipping firms were among winners, with Mitsui O.S.K. Lines rising 3.11 percent to 4,640 yen and Nippon Yusen advancing 3.79 percent to close at 4,790 yen.
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