Tokyo Stocks Close Higher

Tokyo, (UrduPoint / Pakistan Point News - 12th May, 2023 ) :Tokyo shares closed higher Friday despite a mixed ending on Wall Street, as investors bought shares with sound earnings reports and monitored forex movements.

The Nikkei 225 index rose 0.90 percent, or 261.58 points, to 29,388.30, the highest finish since November 2021.

The broader Topix index added 0.64 percent, or 13.30 points, to 2,096.39.

"Investors continued feeling upbeat about Japanese corporate earnings reports," IwaiCosmo Securities said in a note.

"Many firms announced steps to boost returns to shareholders, such as dividend increases, that cheered buyers," it said.

Buyers picked up high-tech issues, Daiwa Securities said, after the Nasdaq advanced overnight, while the Dow slipped.

The Dollar stayed firm at 134.78 yen, further advancing from 134.55 Yen seen in New York.

A stronger dollar often lifts Japanese shares.

Meanwhile, investors digested recent soft US data, including a lower-than-expected producer prices index, to gauge the outlook of the Fed's actions going forward.

A recent series of US data "suggest that the Fed is progressing in its fight against stubbornly high inflation," Stephen Innes of SPI Asset Management wrote in a note.

"And moderating inflation is typically good news for stocks." Players also continued to monitor the health of US regional banks and their woes.

Among major shares, SoftBank Group plunged 3.68 percent to 4,949 as the tech investor continued to struggle with massive losses.

Nissan roared 5.28 percent to 532.5 after issuing a robust earnings outlook, including a 42 percent jump in its annual net profit.

Nintendo jumped 2.26 percent to 5,758 yen, as the latest instalment of the popular "Legend of Zelda" series hit the market.

Toyota rose 1.36 percent to 1,924 yen. Fast Retailing, which operates the Uniqlo brand, added 1.61 percent to 31,640 yen. Sony firmed 1.79 percent to 12,780 yen.