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STOCKS-MARKETS-JAPAN-CLOSE
Tokyo stocks close higher
TOKYO, Jan 21, 2019 (BSS/AFP) – Tokyo stocks closed higher on Monday,
extending global rallies as optimism grew over a breakthrough in efforts to
defuse a US-China trade war.
The benchmark Nikkei 225 index rose 0.26 percent or 53.26 points to
20,719.33 while the broader Topix index was up 0.56 percent or 8.78 points at
1,566.37.
“A set of positive factors — hopes for progress in US-China trade talks,
rallies on Wall Street and a relatively weak yen — were all behind the
gain,” said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.
On Friday, Wall Street stocks rose for the fourth straight session, closing
out a strong week on optimism over US-China trade talks.
China said Monday its economy grew at its slowest pace in almost three
decades in 2018, losing more steam in the last quarter.
“But the impact of China’s GDP on the market was limited as the figures
were within expectations,” Horiuchi told AFP.
The market is watching the International Monetary Fund’s growth forecasts
due later in the day, brokers said.
The dollar fetched 109.55 yen in Asian afternoon trade, down from 109.72
yen in New York late Friday but still up from 109.36 yen in Tokyo on Friday.
Panasonic jumped 3.30 percent to 1,093.5 yen and Toyota was up 0.27 percent
at 6,817 yen after a weekend report that the electronic giant and the auto
titan will set up a joint venture to manufacture batteries for electric
vehicles.
Nissan was up 0.43 percent at 917.5 yen amid reports the French government
has told Tokyo that it wants a merger between Renault and the Japanese auto
giant following the arrest of former Nissan chairman Carlos Ghosn.
French Economy Minister Bruno Le Maire on Sunday dismissed the reports of
merger talks, saying “the subject is not on the table”.
BSS/AFP/HR/1225