Tokyo stocks close higher with eyes on earnings

TOKYO: Tokyo stocks closed higher Wednesday, supported by gains on Wall Street and a cheap yen, with individual shares enjoying rallies fuelled by sound earnings.

The benchmark Nikkei 225 index ended up 1.00 percent, or 284.33 points, at 28,646.50, while the broader Topix index advanced 1.30 percent, or 24.07 points, to 1,871.09.

"Japanese shares are seen gaining with support from rallies in US stocks, overwhelming profit-taking moves," Mizuho Securities said in a commentary.

A cheap yen against the dollar and a trend of declining coronavirus cases in Japan are also encouraging investors to buy shares, analysts said.

The dollar fetched 104.99 yen in Asian trade, against 104.96 yen in New York late Tuesday.

Panasonic rallied 3.84 percent to 1,434.5 yen after it revised up full-year profit forecasts, while Sony jumped 1.62 percent to 10,635 yen ahead of its earnings report.

After the market close, Sony said its profits for the nine-month period grew and it revised up its full-year sales forecast.

Auto parts maker Denso rallied 3.94 percent to 6,601 yen after the Toyota affiliate revised up its full-year profit forecasts, while Toyota climbed 4.39 percent to 7,782 yen.