Tokyo Shares Close Higher On Fed Hopes

Tokyo, June 2 (UrduPoint / Pakistan Point News - 2nd Jun, 2023 ) :Tokyo shares closed higher on Friday, extending Wall Street rallies on hopes that the Federal Reserve could slow its rate hikes.

The benchmark Nikkei 225 index gained 1.21 percent, or 376.21 points, to end at 31,524.22, while the broader Topix index climbed 1.55 percent, or 33.41 points, to 2,182.70.

"Major European and US equities all rebounded, supported by expectations of the US debt ceiling bill being enacted and signs of slowing inflation. This also raised hopes for higher Japanese stocks," Iwai Cosmo Securities said in a note.

US senators voted to suspend the federal debt limit Thursday, capping weeks of fraught negotiations to eliminate the threat of a disastrous default just four days ahead of the deadline set by the Treasury.

Investors were also looking ahead to US employment data scheduled to be announced later Friday.

Among Tokyo shares, market heavyweight SoftBank Group surged more than four percent to 5,971 yen.

Uniqlo operator Fast Retailing added 0.48 percent to 32,890 Yen while Sony Group rose 1.04 percent to 13,550 yen.

Toyota soared 3.42 percent to 2,009.5 yen while Nissan jumped 1.21 percent to 525.5 yen.

Chip-linked shares were lower with Advantest falling 1.45 percent to 17,730 yen and Tokyo Electron dropping 2.33 percent to 19,275 yen.

The Dollar traded at 138.89 yen against 138.79 yen in New York late Thursday.