Tokyo stocks close higher as earnings season hits peak
- Tokyo stocks closed higher Monday on hopes for economic recovery in the United States.
- The benchmark Nikkei 225 index rose 0.55% to 29 518.34, while the broader Topix index gained 0.99%.
- Japanese share prices were sustained by US recovery hopes after disappointing US jobs data fuelled confidence.
Tokyo stocks closed higher Monday on hopes for economic recovery in the United States, with investors digesting corporate results ahead of the peak of Japan's earnings season.
The benchmark Nikkei 225 index rose 0.55%, or 160.52 points, to 29 518.34, while the broader Topix index gained 0.99%, or 19.22 points, to 1 952.27.
Japanese share prices were sustained by US recovery hopes after disappointing US jobs data fuelled confidence that fiscal and monetary support will continue, brokers said.
"Expectations for US recovery remain high," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP.
"Players are now focusing on corporate results as the earning season is reaching its peak."
Investors were also weighing other factors including the impact of Covid-19 on the Indian economy, brokers said.
Mitsubishi Heavy jumped 4.79% to 3 502 yen after its full-year net profit more than halved, but still beat its early estimate.
Panasonic rose 1.69% to 1 290.5 yen. Following the closing bell, the firm said full-year net profit fell 27%, but forecast a recovery in the 2021-22 fiscal year.
Japan Airlines fell 0.30% to 2 317 yen after it posted an annual net loss of $2.6 billion without releasing a forecast for the current financial year, citing uncertainty around the pandemic.
Hitachi fell 1.55% to 5 384 yen after UK train operators pulled a number of Hitachi high-speed trains from long-distance routes after cracks were discovered.
The dollar fetched 108.82 yen in Asian afternoon trade, against 108.58 yen in New York late Friday.