TOKYO: Tokyo stocks ended higher on Tuesday after a mixed close on Wall Street, helped by a cheap yen as investors awaited key inflation data and earnings by major firms.
The benchmark Nikkei 225 index was up 1.01 percent, or 292.94 points, to end at 29,242.82, while the broader Topix index added 1.27 percent, or 26.34 points, to 2,097.55.
The dollar stood at 134.83 yen, against 134.81 yen in New York on Monday.
Japanese shares end lower amid stronger yen, US bank jitters
Overnight in New York, the Dow edged lower, but both the S&P 500 and Nasdaq finished with slim gains.
Tokyo followed the US market that “saw the buying of shares related to the semiconductor and high-tech sectors,” with investors further “deriving confidence from the yen’s stabilisation,” IwaiCosmo Securities said.
The brokerage added that a “wait-and-see mood” was spreading among investors with major companies such as Toyota and Nissan set to announce their earnings results, including their full-year net profit for the year to March 2023, later this week.
A much-anticipated US Federal Reserve survey of banks showed a tightening of lending standards in the first few months this year, with banks expecting this to continue over the rest of 2023.
The report comes as the financial sector contends with deposit outflow worries on the back of turmoil after the high-profile collapse of Silicon Valley Bank and Signature Bank in March.
Among major shares in Tokyo, SoftBank Group was up 0.05 percent to 5,123 yen, Sony Group surged 2.34 percent to 12,635 yen and Toyota jumped 3.25 percent to 1,916.5 yen.
Uniqlo operator Fast Retailing lost 0.32 percent to 30,870 yen.
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