TOKYO: Tokyo stocks closed marginally higher Wednesday, as traders snapped up shares at bargain prices after four consecutive sessions of losses.
The benchmark Nikkei 225 index was up 0.16 percent, or 36.65 points, at 23,506.04, while the broader Topix index gained 0.16 percent, or 2.74 points, at 1,763.86, reports AFP.“After four days of falling… Japanese shares are in a good place for bargain-hunting buys, even though a higher yen is somewhat weighing on the market,” Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.
SoftBank dropped 5.37 percent to 10,125 yen after the Wall Street Journal reported the Japanese telecom giant and tech investor is discussing taking a majority stake in US co-working start-up WeWork.
“The investment could total between $15 billion and $20 billion,” according to the paper, citing sources familiar with the talks.
Automakers were lower with Toyota losing 0.38 percent to 6,760 yen and Honda trading down 0.49 percent at 3,207 yen.
Olympus was up 1.14 percent at 4,430 yen while market heavyweight and Uniqlo casual wear operator Fast Retailing jumped 2.34 percent to 59,800 yen.
The dollar fetched 113.00 yen in Asian trade, fractionally higher than the 112.99 yen level in New York.