Tokyo shares edge up

22 September, 2019 12:00 AM printer

TOKYO: Tokyo shares ended higher Friday thanks to the yen’s stability though the US-China trade row continued to worry investors.

The headline Nikkei 225 index added 0.16 percent to 34.64 points to 22,079.09, for a weekly gain of 0.41 percent.

The broader Topix index rose 0.04 percent or 0.57 points to 1,616.23 for a weekly gain of 0.39 percent, reports AFP.

Players returned to buying on relief that key events produced no major surprises, with the US Federal Reserve deciding to cut rates and the Bank of Japan maintaining its current policy.

BoJ governor Haruhiko Kuroda on Thursday hinted that fresh easing steps were still possible at the central bank’s October meeting, after his US and European peers adjusted their policy tools toward looser monetary programmes.

The relative calm in the forex market also encouraged buyers, analysts added.

The dollar stood at 107.87 yen, against 108.03 yen in New York and 107.93 yen in Tokyo on Thursday.

“The Nikkei opened the day in positive territory after the market smoothly digested key events in and out of Japan while the dollar hovered around 108 yen,” Okasan Online Securities said in a commentary.

Solid Asian shares helped lift the Nikkei above the 22,200 level around midday, it said.

But once the Nikkei reached that level, profit-taking kicked in to cap further gains. Investors also adjusted their positions especially during the afternoon session ahead of a long weekend, said SMBC Nikko Securities in a note. The Tokyo market will close on Monday for a national holiday and resumes trading from Tuesday.

Lingering worries about US-China trade friction continued to weigh on the global market, Okasan added.

Among major shares, e-commerce giant Rakuten jumped 3.94 percent to 1,056 yen, while medical equipment maker Olympus rose 2.56 percent to 1,441 yen.

Small-car producer Suzuki, which enjoys success in India, also jumped 3.72 percent on news that the populous country will lower corporate tax.

Gamemaker Nintendo, which released its Nintendo Switch Lite on Thursday, offering consumers a stripped back version of its popular Switch console, added 0.87 percent to 42,830 yen.