Tokyo: Stocks close higher on US-China trade hopes
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[TOKYO] Tokyo stocks closed higher on Friday on rising hopes the US and China will hammer out a trade deal, while investors waited for key US jobs data.
The benchmark Nikkei 225 index gained 0.38 per cent, or 82.55 points, to 21,807.50 - it rose 2.84 per cent over the week.
The broader Topix index was up 0.35 per cent, or 5.70 points, at 1,625.75, climbing 2.14 per cent since last Friday's close.
Investors are waiting for news on a breakthrough in US-China trade talks.
"Markets are expecting some sort of a political deal through (anticipated) US-China summit talks," Mutsumi Kagawa, chief global strategist at Rakuten Securities, said in a commentary.
"The market is supported by hopes on the US-China trade agreement and also a cheaper yen," Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.
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The dollar was firm before the key data, changing hands at 111.70 yen against 111.66 yen in New York Thursday afternoon.
The release of March US jobs data later in the day will be closely followed for clues about the health of the world's biggest economy and the Federal Reserve's monetary policy.
In share trading, Sony rose 3.30 per cent to 4,816 yen while Nomura inched up 0.02 per cent to 419.5 yen after the brokerage house announced cost-cutting measures.
Nintendo gained 2.34 per cent to 33,210 yen while Honda was up 0.47 per cent at 3,179 yen.
Cosmetics firm Shiseido fell 0.70 per cent to 7,840 yen.
AFP
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