Nikkei index rises for 4th day on hopes for Japan-US tariff talks
TOKYO (Kyodo) -- Tokyo stocks rose Monday, with the Nikkei index closing higher for a fourth consecutive day, lifted by hopes for progress in tariff talks between Japan and the United States.
The 225-issue Nikkei Stock Average ended up 134.25 points, or 0.38 percent, from Friday at 35,839.99. The broader Topix index finished 22.58 points, or 0.86 percent, higher at 2,650.61.
On the top-tier Prime Market, gainers were led by transportation equipment, construction and bank issues.
The U.S. dollar briefly dropped to the lower 143 yen range on position adjustment, but remained mostly firm, as the yen, seen as a safe-haven asset, was sold amid expectations that the trade war between the United States and China might ease, dealers said.
Stocks rose after U.S. President Donald Trump said Friday that the United States is "very close" to a deal with Japan, ahead of the top Japanese tariff negotiator's planned visit to Washington for the second round of bilateral talks this week.
"There is likely to be some progress toward a reduction in tariffs" imposed on Japan, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co. "Investors now want to see what Japan has to offer to get a reduction."
Rises were later trimmed by some investors locking in gains after the Nikkei benchmark exceeded 36,000 for the first time in about a month, brokers said.
Many participants are sitting on the sidelines as the Golden Week holidays in Japan begin and ahead of the release of key economic data globally, including U.S. jobs data, and earnings from Japanese and U.S. companies.
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