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Tokyo: Stocks close higher on US-China trade hopes

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[TOKYO] Tokyo shares closed higher on Wednesday following a report saying that the US and China were closing in on a deal to end their long-running trade row.

The Nikkei 225 index gained 0.97 per cent, or 207.90 points, to end at 21,713.21 while the broader Topix index rose 0.63 per cent, or 10.08 points, to 1,621.77.

The dollar fetched 111.43 in Asian trade, against 111.36 yen in New York late Tuesday.

"In afternoon trade, Tokyo shares rose on hopes for positive developments in the US-China trade talks," Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

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The Financial Times reported on Wednesday that Washington and Beijing were on course for a historic agreement.

"The market is also supported by a slightly cheaper yen, while the Nikkei is boosted by rising Fast Retailing shares," Ito said.

Market heavyweight and Uniqlo casual wear operator Fast Retailing jumped 5.44 per cent to 54,620 yen, a day after announcing strong Uniqlo sales for March in Japan.

Industrial robot maker Fanuc rose 2.72 per cent to 20,745 yen and Sony was up 0.96 per cent to 4,725 yen.

SoftBank Group climbed 0.69 per cent to 10,905 yen and Takeda Pharmaceutical edged up 0.17 per cent to 4,560 yen.

AFP