Tokyo stocks rise as outcome of US-China trade talks awaited

The Mainichi

2 days ago

TOKYO (Kyodo) -- Tokyo stocks rose Tuesday for a third straight trading day, with some gains erased as investors cautiously awaited the outcome of U.S.-China trade talks that could ease tensions between the world's two largest economies.
The 225-issue Nikkei Stock Average ended up 122.94 points, or 0.32 percent, from Monday at 38,211.51. The broader Topix index finished 0.83 point, or 0.03 percent, higher at 2,786.24.
On the top-tier Prime Market, gainers were led by marine transportation, precision instrument and mining issues.
The U.S. dollar briefly rose above the 145 yen line in Tokyo but later returned to the upper 144 yen level amid a wait-and-see mood as Washinton and Beijing plan to hold trade talks for a second day on Tuesday, dealers said.
The Nikkei stock index was lifted by shares of companies that have a business base in China after senior U.S. officials made positive remarks following the conclusion of the first day of high-level bilateral trade talks Monday in London, brokers said.
"Concerns about worsening U.S.-China ties eased somewhat as they actually held substantive negotiations following phone talks between their leaders," said Maki Sawada, a strategist at the Investment Content Department of Nomura Securities Co.
But gains were capped as uncertainty lingered on whether they can come up with specific agreements, while the prospects of tariff negotiations between the United States and Japan coming to a positive conclusion also remained unclear, she said.
Investors were also reluctant to chase higher ground before the release of key U.S. inflation data later this week, brokers said.