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Tokyo stocks end mixed on firm bank issues, US tariff caution
MAINICHI
| Kemarin, 19:14
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TOKYO (Kyodo) -- Tokyo stocks ended mixed Friday as buying of bank shares on rising long-term interest rates was offset by selling amid wariness over U.S. tariff policies.
The 225-issue Nikkei Stock Average ended down 74.82 points, or 0.20 percent, from Wednesday at 37,677.06. The broader Topix index finished 8.20 points, or 0.29 percent, higher at 2,804.16.
Japanese markets were closed Thursday for a public holiday.
On the top-tier Prime Market, gainers were led by bank and mining issues, while transportation equipment and metal product shares were the main decliners.
The U.S. dollar briefly rose to the upper 149 yen range in Tokyo as the Japanese currency, seen as a safe-haven asset, was sold on the back of climbing stocks in Tokyo, dealers said.
At 5 p.m., the dollar fetched 149.31-33 yen compared with 148.72-82 yen in New York at 5 p.m. Thursday.
The euro was quoted at $1.0838-0839 and 161.83-87 yen against $1.0848-0858 and 161.41-51 yen in New York late Thursday afternoon.
The yield on the benchmark 10-year Japanese government bond ended at 1.520 percent, up 0.005 percentage point from Wednesday's close as the debt was sold after the Federal Reserve did not predict more rate cuts for this year than it previously expected at its policy meeting Wednesday.
Stocks were initially pressured by Wall Street drops overnight, but later lifted by firm bank issues on hopes for improved profits as long-term interest rates climbed on speculation that the Bank of Japan will further hike rates.
But the Nikkei benchmark erased earlier rises and ended lower, as investors locked in gains on some technology and semiconductor-related issues that have advanced recently.
"Profit-taking likely kicked in when the Nikkei approached the 38,000 line amid caution over U.S. tariff policies" including the planned introduction of reciprocal duties next month, said Maki Sawada, a strategist in the Investment Content Department of Nomura Securities Co.
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