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Tokyo: Stocks close higher with focus on US-China talks
[TOKYO] Tokyo stocks closed higher on Wednesday after gains on Wall Street and on a cheaper yen, while investors await US-China summit talks amid speculation about a possible trade deal.
The benchmark Nikkei 225 index added 1.02 per cent, or 224.62 points, to end at 22,177.02 while the broader Topix index was up 0.58 per cent, or 9.50 points, at 1,653.66.
"As the US-China summit is confirmed to be held, expectations for a certain kind of deal is growing," Daiwa Securities said in a commentary.
Rallies in shares in Hong Kong and Shanghai also supported gains in the Tokyo market, it added.
But the future course of markets depends on the outcome of the weekend talks between US President Donald Trump and his Chinese counterpart Xi Jinping, analysts said.
The dollar was firm against the yen in a positive move for Japanese exporters, trading at 113.86 yen against 113.79 yen in New York on Tuesday and the mid-113 yen range earlier Tuesday in Tokyo.
In individual stocks trade, Sony rose 1.75 per cent to 5,904 yen and electronic parts maker Shin-Etsu Mfg jumped 4.46 per cent to 16,715 yen.
Mitsubishi Motors fell back 2.26 per cent to 690 yen, erasing the previous day's gain after the firm sacked Carlos Ghosn as chairman following his dramatic arrest last week.
Nissan lost 0.43 per cent to 971.5 yen.
Messaging app operator LINE added 2.73 per cent to 3,945 yen after surging nearly 13 per cent on Tuesday following news it would launch mobile phone banking services with Mizuho Financial Group.