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Tokyo: Nikkei closes higher despite trade war fears

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The benchmark Nikkei 225 index rose 0.61 per cent or 137.61 points to close at 22,693.04.

[TOKYO] Tokyo's main stock market closed higher Thursday with a cheaper yen supporting some shares and investors shrugging off lingering fears of a US-China trade war.

The benchmark Nikkei 225 index rose 0.61 per cent or 137.61 points to close at 22,693.04. However, the broader Topix index fell 0.12 per cent or 2.12 points at 1,750.63.

The dollar edged up to 110.87 yen in Asian trade from 110.05 yen in New York late Wednesday.

As there was little fresh major news on the US-China trade war front, investors are looking now at "the fact that US economy is in good shape," Hiroaki Hiwata, strategist at Toyo Securities, told AFP.

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The cheaper yen against the US dollar was also supporting the market which saw bargain-hunting purchases, he added.

Takeda Pharmaceutical rallied 4.46 per cent to 4,494 yen after its chief executive said the company was boosting its business in China.

Sony rallied 1.53 per cent to 5,487 yen and SoftBank jumped 4.62 per cent to 8,641 yen a day after its president Masaoshi Son explained his investment strategy to shareholders.

Steel companies were lower, with Nippon Steel losing 0.29 per cent to 2,167 yen and JFE slipping 0.18 per cent to 2,132.

AFP