TOKYO (Kyodo) — Tokyo stocks rose Friday with tech issues lifted by optimism in the U.S. economy, while a wait-and-see mood prevailed before remarks from the Bank of Japan governor that may offer clues on the timing of future interest rate hikes.
The 225-issue Nikkei Stock Average ended up 568.58 points, or 1.53 percent, from Thursday at 37,723.91. The broader Topix index finished 25.48 points, or 0.97 percent, higher at 2,642.35.
On the top-tier Prime Market, gainers were led by oil and coal product, bank and rubber product issues.
The U.S. dollar briefly weakened to the upper 141 yen level in Tokyo on selling ahead of BOJ Governor Kazuo Ueda’s press conference after the central bank decided to keep intact its policy rate as expected.
On the stock market, the Nikkei benchmark ended at a three-week high after Wall Street advanced overnight amid rising hopes of a soft landing in the world’s largest economy.
Some gains were trimmed in the afternoon, however, as some investors moved to lock in gains before Ueda’s press conference after his previous remark taken by the market as willing to further hike interest rates led to a stronger yen and stock plunges in early August.
“The market is looking for clues on when the BOJ will increase interest rates next,” after the central bank signaled a cautious stance about further monetary tightening when financial markets are unstable, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.
Tokyo stocks rise on US economy optimism, BOJ chief remarks in focus
