Tokyo: Stocks close higher as yen edges lower
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[TOKYO] Tokyo stocks closed higher on Friday as the yen eased against the dollar on the backdrop of receding trade war worries that boosted US shares.
The Nikkei 225 index closed up 0.82 per cent, or 195.00 points, at 23,869.93. Over the week, the index gained 3.36 per cent.
The broader Topix index ended up 0.92 per cent, or 16.42 points, at 1,804.02. It climbed 4.36 per cent over the week.
"The market is supported by various bits of positive news although worries over a trade war are lingering," said Seiichi Suzuki, market analyst at Tokai Tokyo Research Institute, referencing the US-China trade row.
A cheaper yen and a rally in Chinese equities also supported the Japanese market, analysts said.
Looking ahead, technical reasons linked to dividend payments may weigh on the market while trade talks led by the US, including US-Japan trade talks on Monday, "will probably have a limited impact" on the market, Suzuki told AFP.
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"I don't expect a major decision in the Japan-US meeting" next week, he added.
The US dollar fetched 112.76 yen in late Asian trade, up from 112.50 yen in New York and 112.32 yen in Tokyo Thursday afternoon.
In Tokyo, exporters were higher, with Honda climbing 2.13 per cent to 3,491 yen, Panasonic gaining 1.94 per cent to 1,366 yen and Sharp closing up 1.52 per cent at 2,393 yen.
Banks were also among the winners, reflecting higher US yields, with Mitsubishi UFJ ending up 1.12 per cent at 722.1 yen and Sumitomo Mitsui Financial rising 1.47 per cent to 4,671 yen.
China-linked shares also gained, with construction machinery maker Komatsu jumping 3.38 per cent to 3,511 yen and electronic parts maker Rohm rallying 3.82 per cent to 8,420 yen.
AFP
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