Tokyo Stocks Close Higher

Tokyo stocks ended higher Monday after a report about the Bank of Japan's next governor fuelled speculation that the institution would stick to its ultra-loose monetary policies

Tokyo, (UrduPoint / Pakistan Point News - 6th Feb, 2023 ):Tokyo stocks ended higher Monday after a report about the Bank of Japan's next governor fuelled speculation that the institution would stick to its ultra-loose monetary policies.

The benchmark Nikkei 225 index climbed 0.67 percent, or 184.19 points, to end at 27,693.65, while the broader Topix index added 0.45 percent, or 8.96 points, to 1,979.22.

The dollar stood at 131.76 yen, against 132.00 yen in New York on Friday.

Tokyo traders were emboldened in part by the yen's weakening, after strong US jobs data caused a rethink of expectations that the Federal Reserve will soon suspend its rate hikes.

Investors were also digesting a report in the Nikkei business daily that said the government has approached deputy BoJ governor Masayoshi Amamiya as a possible successor to central bank chief Haruhiko Kuroda.

This "strengthened the view that the bank will maintain its monetary easing policy", IwaiCosmo Securities said.

SoftBank Group was up 0.06 percent at 6,332 yen, Toyota added 1.16 percent to 1,913.5 yen and Uniqlo operator Fast Retailing jumped 2.95 percent to 82,990 yen.

Meanwhile, falling US tech shares spooked some investors, with Tokyo Electron trimming 1.95 percent to 46,570 yen and Sony Group declining 1.51 percent to 12,015 yen.