Tokyo stocks close higher as Wall Street's rally bolsters sentiment

Source: Xinhua| 2019-01-07 17:42:21|Editor: Yamei
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TOKYO, Jan. 4 (Xinhua) -- Tokyo stocks closed higher Monday, with the benchmark Nikkei stock index rising more than 3 percent at one point as Wall Street's rally late last week bolstered investor sentiment.

The 225-issue Nikkei Stock Average added 477.01 points, or 2.44 percent, from Friday to close the day at 20,038.97.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, gained 41.37 points, or 2.81 percent, to finish at 1,512.53.

Local brokers said investors were in a risk-on mood following U.S. shares rallying at the end of last week.

Buying momentum was also driven by U.S. Federal Reserve Chairman Jerome Powell indicating Friday that the Fed stood poised to adjust its policy in a timely and flexible manner, leading market players to believe interest rate rises could be halted as deemed necessary, local analysts said.

Market strategists here also added that investor sentiment was buoyed by solid jobs data in the United States for December.

Some gains were capped, however, they noted, as the yen appreciated against the U.S. dollar, which negatively impacts exporters reliant on a weaker yen to augment overseas profits when repatriated.

By the close of play, electric appliance, real estate and miscellaneous product issues comprised those that advanced the most, and all industry categories finished in positive territory.

Rising issues beat falling ones by 1,964 to 142 on the First Section, while 23 ended the day unchanged.

The turnover on the first trading day of the week came to 2,463.4 billion yen (22.77 billion U.S. dollars).

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