TOKYO: Tokyo stocks marked a three-day winning streak Tuesday as investors took heart from rallies on Wall Street and a cheaper yen.
The benchmark Nikkei 225 index added 1.46 percent, or 393.15 points, to 27,299.19, while the broader Topix index ended up 1.42 percent, or 27.54 points, at 1,972.92.
Global investors are increasingly optimistic on speculation that the Federal Reserve may slow – or even stop – interest rate hikes this spring, analysts said.
The Tokyo market “advanced for three straight days after US high-tech gains, as well as on hopes for China’s economic recovery,” Daiwa Securities said in a commentary.
Hopes for “a soft landing in the US have eased excessive worries about US corporate earnings,” the brokerage said.
The dollar stood at 130.14 yen, hovering between 130.66 yen in New York and 129.70 yen in Tokyo late Monday.
The yen’s relative slide also encouraged buying, IwaiCosmo Securities said in a note.
The market “rose and saw some buybacks from sellers,” the brokerage added.
Japan’s Nikkei rallies on Wall Street’s lead as earnings season looms
Among major shares, Honda added 1.16 percent to 3,129 yen and battery maker GS Yuasa rose 3.77 percent to 2,255 yen after the two firms announced a collaboration agreement for a high-capacity lithium-ion battery.
Toyota rose 1.19 percent to 1,911.5 yen. Nissan gained 1.77 percent to 441.8 yen.
SoftBank Group jumped 3.39 percent to 6,187 yen.
Sony Group rose 1.92 percent to 11,670 yen.
Precision motor maker Nidec rose 2.93 percent to 7,551 yen. After the closing bell, the company announced disappointing quarterly results, including downgrading its full-year operating profit by 48 percent.
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