Tokyo stocks close sharply higher

Tokyo stocks closed sharply higher Tuesday as investors took heart from the lifting of Japan's coronavirus state of emergency and hopes for the gradual reopening of the world's third-largest economy.

The benchmark Nikkei 225 index ended up 2.55 percent, or 529.52 points, at 21,271.17, while the broader Topix index was up 2.17 percent, or 32.53 points, at 1,534.73 at the close.

"The lifting of the state of emergency boosted expectations for a resumption of economic activity," said Mizuho Securities.

With US and British markets closed for public holidays, Japanese shares also won a boost from a rally on the European markets, analysts said.

Japan lifted its nationwide state of emergency late Monday, but government officials urged continued caution to prevent another wave of coronavirus infections.

Prime Minister Shinzo Abe said the government is preparing a second massive stimulus package to shore up the virus-hit economy -- comments that also supported the market.

Tokyo shares were higher across the board, with Honda rallying 4.31 percent to 2,743.5 yen, Uniqlo casual-wear operator Fast Retailing gaining 3.93 percent at 56,780 yen, and parts maker Shin-Etsu Chemical higher by 4.19 percent at 12,530 yen.

Suzuki Motor surged 6.58 percent to end at 3,772 yen. After the market close the small car specialist said it will pay special dividends to mark 100 years since its foundation despite falls in sales and profits in the past year to March.

The dollar was quoted at 107.83 yen in Asian trade, against 107.72 yen in late Tokyo hours on Monday.

Topics: Nikkei 225 index , Tokyo , Shinzo Abe , Mizuho Securities , Uniqlo
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementSpeaker GMA