Tokyo Stocks Close Higher

Tokyo, (APP - UrduPoint / Pakistan Point News - 14th Mar, 2024) Tokyo stocks shrugged off early losses and ended higher on Thursday, with the market supported by gains in value stocks and heavyweights including Uniqlo's parent company.

The benchmark Nikkei 225 index advanced 0.29 percent, or 111.41 points, to close at 38,807.38, while the broader Topix index gained 0.49 percent, or 13.08 points, to 2,661.59.

"The market was dragged down by Tokyo Electron and other chip shares following losses of semiconductor-related shares in the US, while traders speculate on policy changes at next week's BOJ meeting," IwaiCosmo Securities said.

"But after the sell-off, the market gradually picked up, supported by value stocks such as natural resources and materials.

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The Dollar stood at 147.89 yen, against 147.78 Yen seen Wednesday in New York.

Uniqlo operator Fast Retailing jumped 1.62 percent to 43,880 yen while SoftBank Group climbed 0.46 percent to 8,591 yen.

Nissan added 2.23 percent to 564 yen after several media reported, citing sources, that the automaker is considering a tie-up with Honda in electric vehicles.

Nissan declined to comment when contacted by AFP. Honda gained 1.12 percent to 1,752 yen.

Nippon Steel fell 0.58 percent to 3,586 yen after reports said US President Joe Biden plans to intervene in the firm's proposed purchase of US Steel.