Tokyo stocks closed higher on Thursday on hopes for a global economic recovery, with investor focus shifting to major central bank meetings.

The benchmark Nikkei 225 index ended up 0.60 percent or 175.08 points at 29,211.64 while the broader Topix index was up 0.27 percent or 5.18 points at 1,924.92 at the close.

“A lull in the rise in yields of US long-term bonds, along with legislation of the US stimulus package worth some $1.9 trillion, are supporting the market,” senior strategist Mitsuhiro Shibata of Daiwa Securities said.

Shipping firms were higher on hopes for a global economic recovery, while some shares that are sensitive to economic cycles were lower, Shibata said.

A wait-and-see attitude was growing in later trade, ahead of the European Central Bank’s policy decision later in the day and the US Federal Reserve’s policy meeting next week, analysts added.

The dollar fetched 108.72 yen in Asian trade, against 108.38 yen in New York late Wednesday.
Among major shares in Tokyo, shipping firm Nippon Yusen surged 7.30 percent to 3,380 yen and its rival Mitsui O.S.K. lines climbed 7.45 percent to 3,605 yen.

Electronic parts maker Murata Manufacturing ended down 3.09 percent at 8,741 yen and chip-making equipment manufacturer Tokyo Electron slipped 0.59 percent to close at 40,410 yen.

AFP