Tokyo stocks close higher on cheap yen

·1-min read

Tokyo stocks closed higher on Friday as a cheap yen and the continued fall in new virus cases in Japan helped boost the market.

The benchmark Nikkei 225 index closed up 0.58 percent, or 176.71 points, at 30,500.05, while the broader Topix index gained 0.48 percent, or 10.01 points, to end the session at 2,100.17.

Market sentiment is "improving on a trend of declining coronavirus cases in Japan and a cheaper yen against the dollar," Mizuho Securities said in a note.

Bargain-hunting purchases grew in late trade following a mixed close on Wall Street, with expectations for economic stimulus under a new government in Japan still contributing to positive market sentiment, analysts said.

The dollar fetched 109.88 yen in late Asian trade, against 109.71 yen in New York on Thursday.

Nippon Steel dropped 5.96 percent to 2,153 yen after it announced plans to sell 300 billion yen ($2.7 billion) of convertible bonds.

Shinsei Bank slipped 0.47 percent to 1,896 yen after it said details of SBI Holdings' tender offer includes "inaccurate or insufficient" information.

SBI Holdings gained 0.35 percent to 2,833 yen.

Among other shares, chip-maker Renesas Electronics rallied 3.38 percent to 1,436 yen, IT firm NEC rallied 1.11 percent to 6,390 yen, and Chugai Pharmaceutical ended up 1.70 percent at 4,197 yen.

kh/sah/ssy

NIPPON STEEL & SUMITOMO METAL CORPORATION

MIZUHO FINANCIAL GROUP

CHUGAI PHARMACEUTICAL

RENESAS ELECTRONICS

NEC

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