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Tokyo stocks close up with eyes on US Fed
TOKYO, March 20, 2019 (BSS/AFP) – Tokyo stocks rose on Wednesday, led by
gains in chip-related shares, as investors await the outcome of the US
Federal Reserve’s policy meeting later in the day.
The benchmark Nikkei 225 index gained 0.20 percent, or 42.07 points, to
close at 21,608.92 while the broader Topix index was up 0.26 percent, or 4.16
points, at 1,614.39.
“Some semiconductor shares gained ground following a rise in their US
counterparts overnight,” said Daiwa Securities senior technical analyst
Hikaru Sato.
“But trading was in a tight range ahead of the holiday as they are waiting
for the Fed meeting,” Sato told AFP.
Tokyo financial markets are closed on Thursday for a national holiday.
“Uncertainty over Brexit also prevented players from trading actively,”
while investors continued paying attention to US-China trade talks, Sato
said.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven
Mnuchin will return to Beijing next week as the United States and China inch
toward resolving their trade war, a senior administration official told AFP
on Tuesday.
After next week’s talks in Beijing, Chinese trade envoy Liu He will return
to Washington the following week, the Wall Street Journal reported, adding
that officials said talks were in their final stages.
But the South China Morning Post said the trade deal may be pushed back to
June, while other reports have said issues over the troubled Boeing 737 MAX
aircraft may complicate the trade talks.
The dollar fetched 111.55 yen in Asian afternoon trade, against 111.40 yen
in New York.
In Tokyo, chipmaker Renesas jumped 5.79 percent to 566 yen as chip-making
equipment manufacturer Tokyo Electron rose 0.38 percent to 15,700 yen.
Nintendo dropped 3.20 percent to 30,480 yen and Sony was down 3.37 percent
at 4,951 yen after US tech giant Google said it is releasing a Stadia gaming
platform that will let players stream blockbuster titles to any device they
wish.
The tech giant also unveiled a new controller and its own game studio.
BSS/AFP/HR/1230