Tokyo stocks snap 3-day losses as concerns on Mideast tensions ease
TOKYO (Kyodo) -- Tokyo stocks rose Tuesday to snap a three-day losing streak, as concerns eased over tensions in the Middle East after U.S. President Donald Trump said Israel and Iran have agreed to a cease-fire.
The 225-issue Nikkei Stock Average ended up 436.47 points, or 1.14 percent, from Monday at 38,790.56. The broader Topix index finished 20.17 points, or 0.73 percent, higher at 2,781.35.
On the top-tier Prime Market, gainers were led by nonferrous metal, air transportation and securities house issues.
The U.S. dollar weakened to the 145 yen line in Tokyo, after it was sold back following Trump's announcement, giving up some previous gains made when tensions in the Middle East had heightened.
The Nikkei stock index briefly gained more than 600 points after Trump said on social media that Israel and Iran had agreed to a total cease-fire and crude oil prices declined sharply in New York and Tokyo, helping to ease investor concern about oil supplies.
"Geopolitical risks and uncertainty over the Middle East situations have been dispelled for now," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.
"With the closure of the Strait of Hormuz unlikely to happen, it served as a very positive incentive because such a situation would otherwise disrupt stable oil supplies and deal a blow to the Japanese economy," he said.
Meanwhile, gains were later trimmed by the selling of some export-linked shares on the firmer yen.
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