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Tokyo: Stocks close higher on virus hopes

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Tokyo stocks closed higher Monday on expectations for more businesses to reopen as the Japanese capital lifts restrictions on retail stores and other facilities.

[TOKYO] Tokyo stocks closed higher Monday on expectations for more businesses to reopen as the Japanese capital lifts restrictions on retail stores and other facilities.

The benchmark Nikkei 225 index advanced 0.84 per cent or 184.50 points to end at 22,062.39, while the broader Topix index was up 0.32 per cent or 5.08 points at 1,568.75.

"Tokyo stocks were mixed in the morning due to concerns over violent anti-racism protests in the US and US-China conflicts, and hopes on easing restrictions on businesses in Tokyo," said Okasan Online Securities chief strategist Yoshihiro Ito.

"But the stocks later gained steam on the back of expectations for the Japanese economy to resume."

Tokyo said restrictions would be eased for retail shops including department stores, theatres and gyms from Monday, after Japan lifted a nationwide state of emergency over the coronavirus last week.

The dollar fetched 107.51 yen (S$1.41) in Asian trade, against 107.78 yen in New York on Friday.

In Tokyo, some blue-chip exporters were higher with game giant Nintendo rising 2.11 per cent to 44,460 yen.

Sony gained 1.44 per cent to 6,973 yen while Uniqlo chain operator Fast Retailing climbed 2.23 per cent to 61,880 yen.

SoftBank Group jumped 3.84 per cent to 5,018 yen, while Toyota was down 0.51 per cent at 6,720 yen.

AFP

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