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STOCKS-MARKETS-JAPAN-CLOSE
Tokyo stocks close higher
TOKYO, June 20, 2018 (BSS/AFP) – Tokyo stocks closed higher on Wednesday,
as Chinese stocks rebounded after tumbling on trade war fears sparked by US
President Donald Trump threatening fresh tariffs on Chinese imports.
The benchmark Nikkei 225 index rose 1.24 percent or 276.95 points to close
at 22,555.43, while the broader Topix index was up 0.51 percent or 8.83
points at 1,752.75.
The dollar fetched 110.20 yen in Asian trade, up from 110.08 yen in New
York late Tuesday.
A cheaper yen inflates exporter profits abroads and makes their goods
competitive in foreign markets.
“Tokyo shares rose, reacting positively to the limited losses on the
Chinese market in the morning session,” Yoshihiro Ito, chief strategist at
Okasan Online Securities, said in a commentary.
“The dollar is also back to the 110 yen level,” he added.
In Tokyo share trading, pharmaceuticals were high, with Daiichi Sankyo
soaring 5.14 percent to 4,230 yen.
Takeda surged 2.35 percent to 4,302 yen while Eisai jumped 2.30 percent to
8,169 yen.
Exporters were up with Sony rising 1.84 percent to 5,404 yen and Olympus
0.24 percent to 4,130 yen.
Hitachi was flat, up 0.06 percent to 786.1 yen.
Banks were lower, reflecting falls in US long-term yields, with Mitsubishi
UFJ losing 0.49 percent to 637.1 yen and its rival Sumitomo Mitsui Financial
down 1.11 percent to 4,416 yen.
Market heavyweight and Uniqlo clothing operator Fast Retailing jumped 3.48
percent at 51,790 yen and All Nippon Airways was up 0.37 percent at 4.303
yen.
Flea market app Mercari plunged 7.35 percent to 4,910 yen after it soared
a day earlier when it debuted on the Tokyo Stock Exchange.
Its shares had traded at around 5,300 yen at the close on Tuesday, valuing
the firm at over 700 billion yen ($6.37 billion).
BSS/AFP/HR/1300