Nikkei ends above 23,000 for first time in 13 months following Wall Street surge

Nov 05, 2019 | News On Japan

Nov 05, 2019 (Japan Times) - Tokyo stocks staged a sharp rebound on Tuesday, allowing the benchmark Nikkei average to finish above 23,000 for the first time in nearly 13 months.

The 225-issue Nikkei average closed up 401.22 points, or 1.76 percent, at 23,251.99. The Nikkei last closed above the psychologically important threshold on Oct. 10 last year. On Friday, the key market gauge fell 76.27 points. The Tokyo market was closed on Monday for a national holiday.

The Topix index of all first-section issues on the Tokyo Stock Exchange rose 27.66 points, or 1.66 percent, to end at 1,694.16, after a 0.51-point drop the previous trading day.

The market shot up immediately after the opening bell as investors rushed to make purchases in view of a continued Wall Street rally to send the Dow Jones industrial average to a fresh all-time high on Monday.

Sentiment was brightened by growing optimism that the United States and China are on track to sign the so-called phase one trade deal, brokers said.

U.S. President Donald Trump suggested on Friday that he and Chinese President Xi Jinping would sign the deal in Iowa, while U.S. Commerce Secretary Wilbur Ross said in an interview on Sunday that licenses for U.S. companies to sell components to Chinese telecom giant Huawei Technologies Co. would come shortly.

The market extended gains in the afternoon supported by the yenâ€™s weakening against the dollar and bullish performance of Shanghai stocks, brokers said.

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