TOKYO: Tokyo stocks closed higher Monday on bargain-hunting, recovering from early losses, with investors eyeing key economic data due this week in the United States and China.
The benchmark Nikkei 225 index advanced 0.22 percent, or 65.53 points, to end at 30,447.37, while the broader Topix index climbed 0.29 percent, or 6.06 points, to 2,097.71.
"The Nikkei index opened lower following losses of US shares... It further declined on profit-taking but later steadily hovered around 30,300 on bargain-hunting," Okasan Online Securities said in a note.
The dollar fetched 110.09 yen in Asian trade, up from 109.93 yen in New York late Friday.
Japanese shares performed well last week, boosted by hopes of new fiscal stimulus ahead of the ruling Liberal Democratic Party's September 29 vote for a new leader and the likely next prime minister.
This week, investors are watching the US consumer price index due Tuesday, US retail sales data expected Thursday, and China's August activity readings on Wednesday, among other global events, strategist Rodrigo Catril of National Australia Bank said in a note.
In Tokyo, Toyota fell 1.64 percent to 9,795 yen after the auto giant said Friday it would cut output by 70,000 units in September and 330,000 in October.
Tokyo stocks close higher with eyes on politics
It comes after the automaker last month announced a 40 percent cut to September production, equivalent to 360,000 units.
Chip makers were higher with Tokyo Electron gaining 1.50 percent to 55,370 yen and Advantest jumping 1.98 percent to 11,320 yen.
Uniqlo casual wear operator Fast Retailing dipped 0.27 percent to 75,670 yen while SoftBank Group fell 1.43 percent to 7,076 yen.
Comments
Comments are closed.