Tokyo shares close higher

TOKYO: Tokyo shares ended higher on Tuesday, trading in a narrow range as the market lacked fresh clues during the winter holidays.

The benchmark Nikkei 225 index rose 0.16 percent, or 42.00 points, to 26,447.87, while the broader Topix index climbed 0.40 percent, or 7.63 points, to 1,910.15.

The dollar stood at 132.77 yen, compared with 132.57 yen on Monday in Tokyo.

In thin holiday trade, investors cheered China’s decision to end mandatory quarantine on arrival after three years of strict Covid controls.

The plan means the return of Chinese tourists and the business they bring to cities across the world.

“Global equities climbed Tuesday while the dollar declined amid positive sentiment from China upping the speed limits on zero-Covid off-ramps and the softening of a key inflation measure in the US,” Stephen Innes of SPI Asset Management wrote in a note.

Japan will require Covid-19 tests on arrival for travellers from mainland China from Friday, Prime Minister Fumio Kishida said Tuesday.

China is also seeing an unprecedented surge in infections after abruptly lifting restrictions following nationwide protests.

In Tokyo trading, shares linked to tourists from China advanced.

Takashimaya, which runs luxury department stores, soared 7.14 percent to 1,830 yen after the company said their net profit would likely be five-fold the amount the previous year.

Its rival Isetan Mitsukoshi Holdings jumped 7.01 percent to 1,481 yen.

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Uniqlo operator Fast Retailing surged 2.06 percent to 82,330 yen. SoftBank Group added 0.31 percent to 5,796 yen. Energy developer Inpex rose 1.10 percent to 1,477 yen.

Meanwhile, Sony Group gave up earlier gains and fell 0.73 percent to 10,155.

Chip maker Murata Manufacturing fell 0.43 percent to 6,750 yen.

Nintendo fell 0.20 percent to 5,606 yen. Toyota lost 0.30 percent to 1,817.5 yen.