Jiji Press TOKYO (Jiji Press) — Stocks continued to advance Tuesday on the Tokyo Stock Exchange, buoyed by a weaker yen and a rise in Shanghai stocks, amid a lack of strong trading incentives.
The 225-issue Nikkei average rose 69.86 points, or 0.33 percent, to end at 21,204.28, after surging 249.71 points on Monday.
The TOPIX index of all First Section issues finished up 8.38 points, or 0.54 percent, at 1,561.32. It gained 20.55 points the previous day.
The market started lower, battered by a stronger yen and uncertainties over the future of the U.S.-China trade friction, fueled by a hawkish statement by U.S. President Donald Trump, brokers said.
The market gradually cut losses and popped into positive territory later in the morning, partly thanks to buying on dips, the yen’s downturn and higher Shanghai stocks, brokers said.
While the market turned sluggish in the afternoon amid the dearth of fresh trading incentives, it remained in the plus side for the remainder of the session.
But the market failed to extend gains, with its upside weighed down by profit taking, brokers said.
Touching on Trump’s statement, Tomoaki Fujii, head of the investment research division at Akatsuki Securities Inc., said, “Investors refrained from active buying due to concern that [the U.S.-China summit] may not take place.”Speech