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Tokyo stocks lifted further by continued Wall Street rally - The Japan Times

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Tokyo stocks gained further ground Thursday, with buying sentiment boosted by a continued Wall Street surge.

The 225-issue Nikkei average of the Tokyo Stock Exchange soared 218.38 points, or 0.94 percent, to end at 23,465.53, after jumping 109.08 points Wednesday.

The Topix index of all first section issues closed up 7.84 points, or 0.48 percent, at 1,631.24, following a 7.59-point rise the previous day.

Investors rushed to buy right after the opening bell, taking heart from the U.S. market’s extended rally Wednesday, in which the Dow Jones Industrial Average closed above 29,000 for the first time in 6½ months and the tech-heavy Nasdaq composite index rewrote its record closing high for the fourth straight session, brokers said.

But the Tokyo market quickly lost steam as selling to lock in profits gathered momentum, they noted.

“Active purchases receded ahead of the U.S. Labor Department’s release of its jobs report for August,” said Masayuki Otani, chief market analyst at Securities Japan Inc.

The official employment data will be shown Friday after ADP Inc.’s closely watched jobs report suggested Wednesday that U.S. nonfarm payrolls posted a far slower increase than expected last month.

Otani also pointed out that more market energy would be necessary for the Nikkei, which has recovered to pre-pandemic levels, to get out of the current narrow range for a full-fledged rally.

On the TSE’s first section, rising issues outnumbered falling ones 1,168 to 898 with 105 issues unchanged. Volume grew to 1.021 billion shares from Wednesday’s 976 million shares.

Automaker Toyota Motor Corp., technology and entertainment giant Sony Corp. and other export-oriented issues attracted purchases thanks to the yen’s fall against the dollar.

Fast Retailing Co. rose after announcing a 29.8 percent year-on-year sales rise at Uniqlo casual clothing stores in August.

Among other winners were industrial robot producer Fanuc Corp. and mobile phone carrier KDDI Corp.

Meanwhile, oil wholesalers such as Eneos Holdings Inc. and Idemitsu Kosan Co. were dampened by a drop in crude oil prices.

Publisher Kadokawa Corp. extended its losing streak to a fifth session.

Technology investor SoftBank Group Corp. and air conditioner-maker Daikin Industries also went down.

In index futures trading on the Osaka Exchange, the key September contract on the Nikkei average rose 170 points to end at 23,470.

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Tokyo stocks lifted further by continued Wall Street rally - The Japan Times
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