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Tokyo stocks close higher
TOKYO, May 15, 2019 (BSS/AFP) – Tokyo stocks closed higher on Wednesday,
snapping a seven-day losing streak, as investor sentiment improved following
gains in Chinese shares.
The benchmark Nikkei 225 index rose 0.58 percent or 121.33 points to end
at 21,188.56, while the broader Topix index was up 0.60 percent, or 9.17
points, at 1,544.15.
“Tokyo shares moved into positive territory following gains in Chinese
shares,” Okasan Online Securities said in a commentary.
But Okasan noted that “the uncertainty over the US-China trade talks
cannot be discounted”, even though optimistic comments from US President
Donald Trump helped US shares recover earlier losses on Tuesday.
“When the time is right we will make a deal with China,” Trump tweeted,
adding that his “respect and friendship with President Xi is unlimited”.
However, Trump also said the Federal Reserve could retaliate with cheap
money in response to China’s easy monetary policy.
“China will be pumping money into their system and probably reducing
interest rates, as always, in order to make up for the business they are, and
will be, losing,” he said on Twitter.
“If the Federal Reserve ever did a ‘match’ it would be game over, we win!
In any event, China wants a deal!”
The dollar fetched 109.68 yen in Asian trade, against 109.62 yen in New
York.
In Tokyo, Sony jumped 3.99 percent to 5,473 yen while SoftBank Group
climbed 3.20 percent to 10,315 yen.
Nissan plummeted 6.47 percent to 785.8 yen after the crisis-hit automaker
said its net profits declined 57 percent year-on-year to a near-decade low of
319 billion yen ($2.9 billion).
Its rival Toyota was up 0.62 percent to 6,570 yen and Honda was flat,
inching up 0.07 percent to 2,805 yen.
Some electronics shares were higher, with Sharp gaining 1.80 percent to
1,070 yen and electronic parts maker Rohm rising 2.92 percent to 7,380 yen.
BSS/AFP/HR/1355