Tokyo stocks close higher ahead of US data

TOKYO: Tokyo stocks closed higher on Tuesday following a seesaw session with investors eyeing the release of US economic data this week.

The benchmark Nikkei 225 index climbed 0.46 percent, or 176.60 points, to end at 38,356.06, while the broader Topix index added 0.25 percent, or 6.87 points, to 2,730.95.

“Gains of US chip stocks and a weaker yen helped boost Tokyo shares, but uncertainty over Bank of Japan policy lingered and interest rates rose, which weighed on the market,” Iwai Cosmo Securities said. The dollar fetched 156.42 yen against 156.21 yen in New York and 155.82 yen in Tokyo on Monday.

“Buying was also held back ahead of the release of the US producer price index (PPI) this evening,” the firm said.

Traders are also keenly awaiting the US consumer price index (CPI) on Wednesday for fresh clues about the Fed’s monetary policy outlook.

In Tokyo trading, SoftBank Group, which announced on Monday it trimmed its annual net loss, jumped 4.34 percent to 8,347 yen. Toyota rose 0.68 percent to 3,389 yen while Uniqlo operator Fast Retailing advanced 0.15 percent to 40,700 yen.

Chip-testing equipment maker Advantest gained 2.59 percent to 5,260 yen.