Nikkei index rises above 40,000 as concern eases over U.S. tariffs
KYODO NEWS - 22 minutes ago - 12:33 | All, Japan
Tokyo stocks climbed sharply Friday morning, with the Nikkei index topping the 40,000 line for the first time in five months, as concern over hefty U.S. tariffs eased.
The 225-issue Nikkei Stock Average rose 630.78 points, or 1.59 percent, from Thursday to 40,215.36. The broader Topix index was up 36.39 points, or 1.30 percent, at 2,841.08.
The U.S. dollar briefly strengthened to the upper 144 yen range in Tokyo as the Japanese currency, seen as a safe-haven asset, was sold on hopes for progress in tariff negotiations between the United States and other countries, dealers said.
At noon, the dollar fetched 144.32-33 yen compared with 144.35-45 yen in New York and 144.05-07 yen in Tokyo at 5 p.m. Thursday.
The euro was quoted at $1.1699-1701 and 168.84-88 yen against $1.1696-1706 and 168.85-95 yen in New York and $1.1709-1711 and 168.67-71 yen in Tokyo late Thursday afternoon.
The benchmark Nikkei rose above the 40,000 line for the first time since late January, after the U.S. administration said Thursday that President Donald Trump could extend a 90-day pause on so-called reciprocal tariffs, set to expire on July 9.
Some heavyweight semiconductor issues drew buying after the tech-heavy U.S. Nasdaq index advanced on the back of hopes for robust demand for artificial intelligence, brokers said.
The market was also supported by the easing of tensions in the Middle East as the cease-fire agreed by Israel and Iran earlier in the week appeared to be holding, brokers said.
Related coverage:
Trump could extend 90-day tariff pause in July, White House says
Japan reiterates that higher U.S. auto tariffs are unacceptable
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