Tokyo Shares End Up After Surges On Wall Street

Tokyo stocks closed higher on Monday, extending gains on Wall Street, with investors shifting their focus to global economic indicators due this week

Tokyo, (UrduPoint / Pakistan Point News - 30th May, 2022 ) :Tokyo stocks closed higher on Monday, extending gains on Wall Street, with investors shifting their focus to global economic indicators due this week.

The benchmark Nikkei 225 index gained 2.19 percent, or 587.75 points, to 27,369.43, while the broader Topix index added 1.86 percent, or 35.14 points, at 1,922.44.

The Dollar bought 127.08 yen, against 127.09 Yen on Friday in New York.

The Tokyo market climbed steadily during the day, with growth shares leading the way after US stocks -- particularly the tech-rich Nasdaq index -- advanced last week, said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute.

"Various factors came into play today and created a mood that encouraged buying," he said.

Market players were heartened by reports that the Japanese government will work to provide training opportunities for a million people and expand eligibility requirements for a vast private pension scheme.

They also cheered signs of moderating inflation in the US.

"Anything that keeps the Fed from a more aggressive rate-hiking path is greeted with open arms by equities," said Stephen Innes of SPI Asset Management.

Tokyo's gains came as China moved to ease some of its strict Covid-19 restrictions in Shanghai and Beijing, lifting hopes for the world's number two economy.

Investors will now turn their attention to a variety of key data this week, including Chinese PMI data, US manufacturing ISM, US non-farm payrolls data and Australian GDP figures.

Automakers were among the winners, with Toyota rising 2.04 percent to 2,126.5 yen. Honda advanced 1.27 percent to 3,184 yen, and Nissan added 2.47 percent at 502.3 yen.

Advantest, which makes testing kits for semiconductors, added 3.66 percent to 8,790 yen, while Sony Group jumped 4.99 percent to 11,995 yen.

Shipping firms were lower, however, with Nippon Yusen falling 3.36 percent to 10,930 yen.