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Markets

Tokyo shares rise after US rallies

  • The dollar stood at 111.55 yen, compared with 111.54 yen in New York Thursday
02 Jul 2021

TOKYO: Tokyo stocks rose in early trade on Friday following global rallies on improving economic data, while investors awaited the release of US jobs data later in the day.

The Nikkei 225 index opened flat then added 0.18 percent, or 50.29 points, to 28,757.33, while the broader Topix index rose 0.63 percent, or 12.13 points, to 1,951.34.

The market saw gains after Wall Street shares advanced overnight, with the S&P 500 marking a record close for the sixth straight session.

But after an initial round of buying, investors in Tokyo may take a more cautious stance as they await the release of US jobs data later on Friday, Okasan Online Securities said.

Analysts expect the United States added 725,000 jobs and that unemployment fell to 5.7 percent from 5.8 percent.

A very strong jobs report could boost speculation the Federal Reserve will accelerate plans to tighten monetary policy.

Okasan also noted that the market's expectations for early "tapering" moves may strengthen after a strong jobs report.

But the brokerage also said that the market is becoming less sensitive to such speculations, as shown in the overnight gains of the S&P, and Japanese shares may still continue to firm going forward.

"Should the yen depreciate or foreign investors return to the market, unexpected gains are possible," the brokerage said.

The dollar stood at 111.55 yen, compared with 111.54 yen in New York Thursday.

Among major shares, Toyota added 1.49 percent to 9,834 yen. Sony Group jumped 3.06 percent to 11,275 yen, and SoftBank Group rose 0.63 percent to 7,775 yen.

Nissan also rose 3.23 percent to 565.5 after launching plans for a vast battery gigafactory in northern England, where it will manufacture a new electric vehicle as companies and governments move away from fossil-fuel cars.

Mitsubishi UFJ Financial Group added 0.53 percent to 603.1 yen. Uniqlo operator Fast Retailing fell 0.41 percent to 83,490 yen.

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