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TOKYO: Tokyo shares closed higher Tuesday as investors look ahead to remarks by Federal Reserve boss Jerome Powell to US lawmakers later in the day, hoping for clues about the bank’s plans for monetary policy.

The benchmark Nikkei 225 index gained 0.25 percent, or 71.38 points, to 28,309.16, while the broader Topix index climbed 0.42 percent, or 8.49 points, to 2,044.98.

The dollar bought 135.94 yen, against 135.95 yen Monday in New York. US stocks ended “disoriented”, giving investors few clues to go by, IwaiCosmo Securities said in a note.

The Dow Jones Industrial Average rose 0.1 percent to 33,431.64, while the broad-based S&P 500 Index ticked up 0.1 percent to 4,048.43.

But the Nasdaq Composite Index lost 0.1 percent to 11,675.73.

Tokyo shares close higher

The movements come as Powell prepares for two days of testimony before Congress, on Tuesday and Wednesday, where he will be pressed about the central bank’s efforts to counter inflation.

“This month’s (policy board meeting) now has a material risk of a 50-basis-point hike priced in, and any persistence in inflation and labour market tightness could turn the Fed even more hawkish,” Stephen Innes of SPI Asset Management said.

In Tokyo, while rapid stock rallies in the past two days had investors worrying about a short-team “overheat” and selling to a degree, they remained “inclined to be bullish”, IwaiCosmo Securities said.

SoftBank Group added 0.33 percent to 5,727 yen, Sony Group firmed 1.26 percent to 11,990 yen and Toyota gained 0.47 percent to 1,914.5 yen.

Uniqlo operator Fast Retailing climbed 1.06 percent to 28,960 yen.

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