Tokyo Stocks Rebound Amid Gains in Asian Markets

Fri May 31 2024
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TOKYO: Tokyo stocks rebounded on Friday, closing higher as investor sentiment was buoyed by steady gains in Asian shares. The benchmark Nikkei 225 index rose by 1.14%, gaining 433.77 points to finish at 38,487.90. Similarly, the broader Topix index increased by 1.70%, adding 46.29 points to reach 2,772.49.

“The Nikkei index started the day with a rebound after falling more than 500 points the day before,” commented IwaiCosmo Securities. However, major semiconductor shares saw declines following losses in US chip shares.

The exchange rate showed the dollar at 156.87 yen, slightly up from 156.82 yen in New York late Thursday.

Wall Street experienced a second consecutive session of declines overnight, influenced by a downgrade in a US growth report and drops in several large tech shares. Investors are now focused on the upcoming US core personal consumption expenditures (PCE) index, expected later in the day.

In Tokyo, notable gains included SoftBank Group, which surged by 3.24% to 9,042 yen, and Uniqlo operator Fast Retailing, which climbed by 1.59% to 40,210 yen. Sony Group also performed well, rising 1.94% to 12,895 yen, while Toyota saw a 2.13% increase to 3,401 yen.

Conversely, chip-linked shares faced downward pressure, with Tokyo Electron dropping by 2.52% to 33,630 yen and Advantest falling slightly by 0.11% to 5,313 yen.

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