Japan's Nikkei rises on trade talk optimism, posts longest rally since 2023
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Japan's Nikkei share average rose on Friday on optimism around progress on tariff talks and a weaker yen, setting the index to mark its longest rally in nearly two years.The Nikkei rose 1.04% to close at 36,830.69, and posted a seventh straight session of gains, its longest winning streak since August 2023.For the week, the index gained 2% to post a third straight weekly gain.On the day, the broader Topix rose 0.31% to 2,678.78."It looks like the tariff negotiations between Japan and the U.S. are progressing, which is within expectations but has become a positive cue," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities."In addition, the news about the negotiations between China and the U.S. lifted U.S. stock futures, which boosted the Nikkei."Japan's top economic negotiator Ryosei Akazawa held talks with his U.S. counterpart and said he aims to hold the third round of discussions again this month.Separately, China's Commerce Ministry said Beijing is "evaluating" an offer from Washington to hold talks over U.S. President Donald Trump's crippling tariffs.The Nikkei extended gains after the remarks from China, tracking a rise in S&P and Nasdaq futures.The Nikkei has fully recouped its losses since U.S. President Donald Trump's April 2 tariff announcements, but gains were limited on Friday ahead of Japan's four-day weekend and U.S. nonfarm payrolls later in the day, said Arisawa.A weaker yen also lifted appetite for Japanese stocks. The local currency sank after the Bank of Japan lowered growth forecasts due to U.S. tariffs and left interest rates on hold on Thursday.Uniqlo-brand owner Fast Retailing rose 1.98% to provide the biggest boost to the Nikkei.Yamato Holdings rose 5% to become the top percentage gainer on the Nikkei after the package delivery services provider's strong annual operating profit outlook.
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Time of India
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- Time of India
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Time of India
3 hours ago
- Time of India
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