Tokyo Stocks Close Higher

Muhammad Irfan Published December 20, 2023 | 05:36 PM

Tokyo stocks closed higher on Wednesday helped by a relatively cheaper yen against the dollar after the Bank of Japan indicated it plans to keep its super-loose monetary policy in place

Tokyo, (UrduPoint / Pakistan Point News - 20th Dec, 2023) Tokyo stocks closed higher on Wednesday helped by a relatively cheaper yen against the dollar after the Bank of Japan indicated it plans to keep its super-loose monetary policy in place.

The benchmark Nikkei 225 index advanced 1.37 percent, or 456.55 points, to 33,675.94, while the broader Topix index ended up 0.67 percent, or 15.57 points, at 2,349.38.

The dollar fetched 143.64 yen in Asian trade, down from 143.89 yen in New York but still up from 142.36 yen in pre-BoJ decision Asian hours on Tuesday.

"The trend of the yen's depreciation, in addition to rallies in three US major indices, helped the Nikkei index rise sharply," Iwai Cosmo Securities said.

The yen declined against the dollar after Bank of Japan governor Kazuo Ueda said late Tuesday he plans to maintain monetary easing without addressing any plans to exit from the policy.

In Tokyo, Panasonic rallied 1.

50 percent to 1,390.5 yen. Uniqlo operator Fast Retailing advanced 3.92 percent to 37,340 yen, and Mitsubishi Heavy Industries climbed 3.07 percent to 7,881 yen.

Kawasaki Kisen soared 5.58 percent to 6,115 yen, Mitsui O.S.K. Lines added 2.21 percent to 4,493 yen, and Nippon Yusen ended up 3.17 percent at 4,333 yen, after saying their joint venture container business "will reroute its vessels away from the Suez Canal and the Red Sea."

Toyota gave up some of its earlier gains, ending up 0.13 percent at 2,644 yen, after its subsidiary Daihatsu said it will suspend shipments of all car models currently in production both in Japan and abroad, following new revelations about its safety tests being rigged.

Japan booked a trade deficit of 776.9 billion yen ($5.4 billion) in November, according to data released by the finance ministry 10 minutes before the opening bell. The data did not prompt strong market reactions.