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Tokyo stocks rise on firm tech, focus on Trump inauguration
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TOKYO (Kyodo) -- Tokyo stocks rose Monday on solid technology issues and exporters lifted by the yen's recent weakening tone, while investors cautiously awaited the U.S. presidential inauguration of Donald Trump.
The 225-issue Nikkei Stock Average ended up 451.04 points, or 1.17 percent, from Friday at 38,902.50. The broader Topix index finished 31.85 points, or 1.19 percent, higher at 2,711.27.
On the top-tier Prime Market, gainers were led by transportation equipment, pharmaceutical and bank issues.
The U.S. dollar dipped to the upper 155 yen range in Tokyo on selling by domestic exporters for settlement purposes, dealers said.
At 5 p.m., the dollar fetched 155.98-156.00 yen compared with 156.25-35 yen in New York and 155.60-62 yen in Tokyo at 5 p.m. Friday.
The euro was quoted at $ 1.0317-0318 and 160.93-97 yen against $1.0266-0276 and 160.40-50 yen in New York and $1.0284-0285 and 160.02-06 yen in Tokyo late Friday afternoon.
The yield on the benchmark 10-year Japanese government bond fell 0.010 percentage point from Friday's close to 1.190 percent ahead of a Bank of Japan policy meeting later this week. Bond yields move inversely to prices.
On the stock market, heavyweight technology shares led advances, lifting the Nikkei nearly 600 points after sharp gains on their U.S. counterparts. Export-oriented issues were also sought due to the yen's recent depreciation against the dollar, analysts said.
But investors remained wary ahead of Trump's inauguration, with many paying attention to his trade policies.
"Focus is on Trump's speech and his executive orders, especially whether he really is planning on raising tariffs from his first day (as president)," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.
"But many believe that his statements to raise them are more of a negotiating tool and that he will increase them gradually rather than at once," he added.
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