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Tokyo stocks close higher on virus hopes in Japan

A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo, May. 11, 2020. (File photo/AP)
A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo, May. 11, 2020. (File photo/AP)
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11 May 2020 06:05:23 GMT9
11 May 2020 06:05:23 GMT9

Tokyo stocks closed higher on Monday, helped by expectations the Japanese government will lift a state of emergency in parts of the country later this week.

The benchmark Nikkei 225 index advanced 1.05 percent, or 211.57 points, to close at 20,390.66, while the broader Topix index rose 1.53 percent, or 22.34 points, to 1,480.62.

On Sunday, the minister in charge of the response to the pandemic said the government was considering easing restrictions in most Japanese prefectures this month.

Okasan Online Securities senior strategist Rikiya Takebe said the easing of restrictions gave some hope for increased economic activity.

The government is, however, expected to continue urging caution in Tokyo and some other areas.
The dollar fetched 106.92 yen in Asian trade, against 106.73 yen in New York late Friday.

In individual stocks trading, Tokyo Disney Resort operator Oriental Land jumped four percent to 14,280 yen on expectations its parks would re-open soon, despite the firm saying on Friday it was extending the closure.

Oriental Land has said the company will decide when to re-open Tokyo Disneyland and Tokyo DisneySea after the central government and local municipalities lift their state-of-emergencies.

Airlines were higher, with Japan Airlines surging 9.76 percent to 1,957 yen and All Nippon Airways 10.61 percent to 2,418 yen.

Uniqlo chain operator Fast Retailing climbed 3.17 percent to 53,580 yen, while Sony gained 1.59 percent to 7,059 yen.
Nissan soared 9.32 percent to 380 yen and Toyota rose 2.55 percent to 6,658 yen.

AFP

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