Tokyo stocks close up 1.44%

Japan has followed the lead of Wall Street, with stocks closing up 1.44 per cent.

Tokyo stocks have closed 1.44 per cent higher following healthy gains on Wall Street ahead of the release of US economic indicators later in the week.

The Nikkei-225 index rose 213.92 points on Tuesday to 15,051.60, while the Topix index of all first section shares climbed 1.20 per cent, or 14.59 points, to 1,233.66.

US stocks on Monday finished higher as a February rally accelerated thanks to some high-flying technology equities.

The broad-market S&P 500 rose 0.62 per cent, just short of a record high, while the Dow added 0.64 per cent and the Nasdaq was up 0.69 per cent.

"If the dollar doesn't move higher, it will be hard for Japan shares to go very much higher, regardless of how cheap they are," said Kenichi Hirano, market analyst at Tachibana Securities.

The currency market was quiet Monday, showing little impact from the turmoil in the Ukraine.

Focus is now on the release of US economic figures, including gross domestic product growth on Friday.

This week will also see the publication of February consumer confidence, durable goods orders and initial jobless claims.

The US dollar was at Y102.44 on Tuesday compared with Y102.48 in New York on Monday afternoon.

The euro bought $US1.3735 and Y140.72 against $US1.3734 and Y140.76.

In Tokyo trade, Softbank was up 4.12 per cent at Y8,095 following news reports that it is seeking to buy a stake in Line, a popular messaging service company.

Japan's largest mobile phone carrier NTT Docomo rose 0.47 per cent to Y1,700, while its rival KDDI rose 2.91 per cent to Y6,146.


2 min read

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Source: AAP


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