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Tokyo: Stocks close marginally higher
[TOKYO] Tokyo stocks closed modestly higher on Monday, recovering earlier losses after receiving support from rallies in Hong Kong and Chinese markets.
The benchmark Nikkei 225 index gained 0.13 per cent, or 27.35 points, to 21,285.99, while the broader Topix index ended up 0.12 per cent, or 1.84 points, at 1,547.74.
The Nikkei and Topix indexes both opened lower with investors taking to the sidelines ahead of the G20 summit with lingering worries over the US-China trade row and concerns over an escalation in US-Iran tensions.
But shares later rebounded back to positive territory as investors saw "sound movement in Chinese and Hong Kong shares as well as US futures," Yoshihiro Ito, chief strategist at Okasan Online Securities said in a note.
The fact that the US dollar stopped its declines around the 107.40 yen level also supported the market in Japan, he said.
The US dollar fetched 107.41 yen in Asian trade, down from 107.60 yen in New York on Friday.
In Tokyo, chip-linked shares were mixed, with chip-making equipment maker Tokyo Electron closing down 1.66 per cent at 14,810 yen while chip-testing equipment maker Advantest, which was in negative territory in early trade, ended up 0.85 per cent at 2,747 yen.
Sony closed up 1.84 per cent at 5,752 yen and market heavyweight Fast Retailing, operator of Uniqlo casualwear, advanced 0.65 per cent to 66,530 yen.