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Tokyo: Stocks close higher on trade hopes

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[TOKYO] Tokyo stocks closed higher on Wednesday as reports that face-to-face US-China talks will be held next week lifted hopes for a trade agreement.

The Nikkei 225 index was up 0.41 per cent, or 88.69 points, at 21,709.57, while the broader Topix index ended 0.40 per cent, or 6.27 points, higher at 1,575.09.

News reports have said US Trade Representative Robert Lighthizer will lead a delegation to China next week to resume negotiations, also sending US shares higher.

"Expectations for progress in US-China trade talks and rallies in the Chinese market have supported" the Japanese market, Okasan Online Securities said in a note.

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The dollar fetched 108.10 yen, compared with 108.22 yen in New York, but higher than the levels below 108 yen earlier this week.

In Tokyo, Nissan ended up 0.95 per cent at 781.6 yen after news reports said it planned to cut around 10,000 jobs. The reports came ahead of its earnings announcement on Thursday.

Its rivals were also higher, with Toyota closing up 1.36 per cent at 7,197 yen and Honda up 1.27 per cent at 2,850.5.

Sony rose 1.76 per cent to 5,955 yen, chip testing equipment maker Advantest rallied 3.90 per cent to 3,460 yen and electronic parts maker Rohm ended up 3.33 per cent at 7,750 yen.

AFP