TOKYO: Tokyo’s benchmark Nikkei index closed higher on Monday after Wall Street finished a positive week on an upbeat note thanks to data showing a further ebbing of US inflation.
The benchmark Nikkei 225 index climbed 0.19 percent, or 50.84 points, to end at 27,433.40, while the broader Topix index was flat, inching down 0.01 percent, or 0.26 points, to 1,982.40.
“Buying was led by gains of US shares, but there was little bullish movement ahead of key overseas events such as the US and European monetary policy meetings,” Iwai Cosmo Securities said in a note.
They added that Tokyo shares were supported by gains of Chinese equities.
On Friday, stocks advanced on Wall Street, adding to weekly gains after a benchmark of inflation closely watched by the Federal Reserve showed further moderation in December.
Fed policymakers have also hinted that the US central bank will enact a quarter-point interest rate hike next week, smaller than a series of recent increases – and enough of a shift to raise investors’ hopes of a meaningful policy pivot.
The dollar fetched 129.51 yen in Asian trade, after briefly hitting 129.24 yen, against 129.80 yen in New York on Friday.
In Tokyo trading, Tokyo Electron, which makes tools to build semiconductors, gained 0.68 percent to 45,790 yen while industrial robot maker Fanuc jumped 3.57 percent to 23,165 yen.
Japan’s Nikkei sees biggest weekly gain in over 2 months, earnings caution weighs
Uniqlo operator Fast Retailing added 0.26 percent to 78,730 yen while SoftBank Group lost 0.43 percent to 6,164 yen.
Some exporters were hit by a stronger yen with Sony Group falling 0.25 percent to 11,600 yen.
Nissan sank 0.67 percent to 453.9 yen before announcing that French partner Renault will slash its stake in the Japanese automaker as part of a deal rebalancing the rocky alliance between the two companies.
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