TOKYO: Tokyo stocks built on recent gains Monday after Wall Street hit fresh all-time highs and Japan’s benchmark Nikkei index broke its bubble-era record last week.
The Nikkei 225 index added 0.35 percent, or 135.03 points, to 39,233.71, while the broader Topix index rose 0.49 percent, or 12.91 points, to 2,673.62.
“International investors with improving risk appetite continued to buy Tokyo shares as New York shares remained solid” thanks to the strong US economic outlook, IwaiCosmo Securities said.
Recent gains had prompted many players to take profits, especially in semiconductor shares, but the market remained well supported and investors continued to look for shares to buy, the brokerage said.
The latest gain came after the Dow and the S&P 500 hit fresh peaks last week. On Thursday, the Nikkei also roared to an all-time high of 39,098.68 points before a three-day weekend.
Looking ahead, “all the talk is about the PCE this week”, said Stephen Innes, of SPI Asset Management, referring to the US Department of Commerce’s inflation data, which could affect the Federal Reserve’s interest rate decisions.
The dollar fetched 150.42 yen in Asian trade, against 150.53 yen in New York on Friday.
Among major shares, Mitsubishi UFJ Financial Group added 1.68 percent to 1,515 yen, and construction machinery maker Komatsu rose 1.12 percent to 4,318 yen.
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