Tokyo stocks rise on easing concerns over Israel-Iran conflict
TOKYO (Kyodo) -- Tokyo stocks climbed Tuesday, with the Nikkei index ending at a four-month high, on hopes tensions in the Middle East will ease after Iran was reportedly seeking a cease-fire with Israel.
The 225-issue Nikkei Stock Average ended up 225.41 points, or 0.59 percent, from Monday at 38,536.74, its highest level since Feb. 21. The broader Topix index finished 9.82 points, or 0.35 percent, higher at 2,786.95.
On the top-tier Prime Market, gainers were led by nonferrous metal, glass and ceramics product and real estate issues.
The U.S. dollar briefly rose to the lower 145 yen range in Tokyo, as the yen, seen as a safe-haven asset, was sold amid hopes for an easing of the Israel-Iran conflict following a report that Teheran sent a message to the United States and Israel seeking to end hostilities.
The currency market was not much affected by the Bank of Japan decision Tuesday to slow down the pace of reducing its government bond purchases, as the measure landed within market expectations, dealers said.
Stocks gained for a second straight day after Wall Street advanced overnight as oil prices dropped following recent surges due to the conflict between the two Middle East countries.
"The Nikkei's rise on Monday possibly reflected hopes of a near-term end to the conflict, with the latest news backing such a view supporting the market today," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.
However, gains were limited as Japan-U.S. tariff negotiations appeared to stall after their leaders failed to reach a deal over steep levies at their summit, brokers said.
"While the outcome came mostly within expectations, it gave the impression that reaching an agreement would be much more difficult than initially thought," Ichikawa said.
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