Tokyo stocks close up 0.44pc

June 30, 2014 - 12:01:07 pm

TOKYO: Tokyo stocks closed up 0.44 percent on Monday despite a stronger yen as investors await the release of the Bank of Japan's closely watched Tankan business sentiment survey.

The Nikkei 225 index rose 67.10 points to finish at 15,162.10, while the Topix index of all first-section issues rose 0.75 percent, or 9.41 points, to 1,262.56.

Buying of small-cap shares among overseas investors helped prop up the market, said an equity trading director at a foreign brokerage.

"Many investors are reluctant to buy into the major indexes with most technical indicators still pointing to an overbought market," he told Dow Jones Newswires.

The trading director added that there was "still some trepidation before the quarterly Tankan" survey from the central bank on Tuesday.

The survey will be the most comprehensive indicator yet of how Japan is coping following the first sales tax rise in 17 years, which was ushered in on April 1 as part of Tokyo's bid to tackle a huge national debt.

The confidence reading among large manufacturers in the March survey shot up to plus 17, its highest level in more than six years, but market expectations are for a slight weakening in the latest quarter.

In share trading, Toyota rose 0.59 percent to 6,084 yen after recouping early losses, while rival Nissan edged up 0.20 percent to 961 yen.

Panasonic rose 0.65 percent to 1,234 yen and Sony added 0.17 percent to 1,682 yen.

On currency markets, the dollar fetched 101.34 yen in afternoon Tokyo trade, down from 101.45 yen in New York Friday afternoon. (AFP)

comments powered by Disqus