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Tokyo’s Nikkei jumps nearly 1.8%
TOKYO, March 12, 2019 (BSS/AFP) – Tokyo’s benchmark Nikkei index leapt nearly
1.8 percent on Tuesday as concerns over the US economy receded and investors
welcomed news that Britain and European Union had agreed a revised Brexit
deal.
The Nikkei 225 index rose 1.79 percent, or 378.60 points, to close at
21,503.69 while the broader Topix index was up 1.52 percent, or 24.04 points,
at 1,605.48.
“Japanese shares gained ground, taking heart from rallies in the US, as
excessive concerns over the outlook for the US economy receded,” Toshikazu
Horiuchi, a broker at IwaiCosmo Securities, told AFP.
The UK-EU deal announced a few hours before the opening bell “is also
supporting the market,” Kyoko Amemiya, senior market analyst at SBI
Securities, told AFP.
British Prime Minister Theresa May said Monday she had secured a three-part
package of changes from the EU to the terms of its withdrawal deal, hoping to
win over sceptical MPs.
As May sealed the deal in Strasbourg with EU leaders, her de facto deputy,
David Lidington, updated parliament in London on the plans.
He said this should be enough to persuade MPs to vote for the agreement on
Tuesday, just 17 days before Britain is scheduled to leave the EU.
Three new documents have been agreed to run alongside the withdrawal
agreement, which governs Britain’s exit terms, and the political declaration
on future trade terms.
Looking ahead, investors are watching economic indicators including Japan’s
machinery orders “which often fluctuates” but “there is no huge negative
factor expected,” Amemiya added.
The dollar fetched 111.33 yen in Asian afternoon trade against 111.23 yen
in New York.
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In Tokyo, automakers were among the winners, with Toyota 0.60 percent higher
at 6,618 yen and Honda up 1.12 percent at 3,047 yen.
Nissan advanced 0.98 percent to 930.7 yen and Mitsubishi Motors rallied
1.00 percent to 603 yen after a Japanese court barred former chairman Carlos
Ghosn from attending a Nissan board meeting later on Tuesday.
Fast Retailing, the market heavyweight and Uniqlo casual wear operator,
jumped 2.86 percent to 53,940 yen.
BSS/AFP/SR/1910 HRS