AFP, Tokyo :
Tokyo stocks closed at a fresh three-month high Friday as last minute bargain-hunting erased earlier losses, while the yen held on to its gains from New York trading.
The benchmark index dropped as much as 0.73 percent in intraday trading before recovering into positive territory shortly before the close, rising for the fourth session in a row.
The Nikkei 225 index at the Tokyo Stock Exchange gained 0.10 percent, or 20.00 points, to 19,879.81, while the wider Topix index of all first-section shares finished up 0.17 percent, or 2.80 points, at 1,603.18. The Nikkei’s gains came after minutes from the Federal Reserve’s October meeting on Wednesday showed US policymakers were increasingly confident in the outlook for the world’s top economy.
“There’s a lack of catalysts for the market but some people might trade to adjust their positions,” Ichiro Yamada, general manager of equities at Fukoku Mutual Life Insurance Co, told Bloomberg News. “If the market is going anywhere, then up is the most likely direction.” The BoJ on Thursday kept monetary policy unchanged, saying the economy “has continued to recover moderately”, although it admitted exports and output had been hit by a slowdown in overseas economies.
Official data released Monday showed that Japan fell into recession in the six months to September — the second time in Prime Minister Shinzo Abe’s near three-year premiership.
In share trading, Toyota ended down 0.48 percent at 7,583 yen, while Nissan dropped 0.38 percent to 1,304.5 yen and Sony lost 0.36 percent to 3,285 yen. Embattled electronics maker Sharp soared nearly five percent on media reports Thursday that it expects its TV making business to return to profit next fiscal year.
Sharp, which posted a whopping six-month net loss of nearly $700 million in October, finished up 4.76 percent at 132 yen.
The dollar edged down to 122.77 yen from 122.87 yen Thursday in New York and from 123.59 yen Wednesday.
The euro ticked lower to $1.0723 and 131.65 yen from $1.0735 and 131.90 yen in US trade.
Tokyo stocks closed at a fresh three-month high Friday as last minute bargain-hunting erased earlier losses, while the yen held on to its gains from New York trading.
The benchmark index dropped as much as 0.73 percent in intraday trading before recovering into positive territory shortly before the close, rising for the fourth session in a row.
The Nikkei 225 index at the Tokyo Stock Exchange gained 0.10 percent, or 20.00 points, to 19,879.81, while the wider Topix index of all first-section shares finished up 0.17 percent, or 2.80 points, at 1,603.18. The Nikkei’s gains came after minutes from the Federal Reserve’s October meeting on Wednesday showed US policymakers were increasingly confident in the outlook for the world’s top economy.
“There’s a lack of catalysts for the market but some people might trade to adjust their positions,” Ichiro Yamada, general manager of equities at Fukoku Mutual Life Insurance Co, told Bloomberg News. “If the market is going anywhere, then up is the most likely direction.” The BoJ on Thursday kept monetary policy unchanged, saying the economy “has continued to recover moderately”, although it admitted exports and output had been hit by a slowdown in overseas economies.
Official data released Monday showed that Japan fell into recession in the six months to September — the second time in Prime Minister Shinzo Abe’s near three-year premiership.
In share trading, Toyota ended down 0.48 percent at 7,583 yen, while Nissan dropped 0.38 percent to 1,304.5 yen and Sony lost 0.36 percent to 3,285 yen. Embattled electronics maker Sharp soared nearly five percent on media reports Thursday that it expects its TV making business to return to profit next fiscal year.
Sharp, which posted a whopping six-month net loss of nearly $700 million in October, finished up 4.76 percent at 132 yen.
The dollar edged down to 122.77 yen from 122.87 yen Thursday in New York and from 123.59 yen Wednesday.
The euro ticked lower to $1.0723 and 131.65 yen from $1.0735 and 131.90 yen in US trade.
