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Tokyo stocks close at seven-year high

Tokyo stocks close at seven-year high

TOKYO: Tokyo stocks have closed at a seven-year high as a falling yen and oil prices continue to boost investor spirit. The positive sentiment could continue as participants await to hear if the Japanese government will revise upward the July-September GDP figure, with many economists expecting it to be better than preliminary data suggested.

In addition, “profit taking by foreign investors should provide opportunities for bargain hunting by individuals,” brokerage house Daiwa Securities said, which could further boost the market.
The Nikkei 225 index at the Tokyo Stock Exchange gained 0.19 per cent, or 33.24 points, on Friday to end at 17,920.45, the best finish since late July 2007, and marked a weekly gain of 2.64 per cent.
The Topix index of all first-section issues was up 0.35 per cent, or 5.07 points, to 1,445.67 on Friday, for a weekly gain of 2.50 per cent.
A weaker yen has been fuelling the optimistic outlook for Japanese corporate earnings, with falling oil prices also boosting investor confidence.
The US dollar fetched Y120.09 in afternoon trade on Friday, moving narrowly after rising past Y120 on Thursday to hit a fresh seven-year high.
In Friday trading, shares in troubled airbag maker Takata sank 0.53 per cent to Y1,324.0, while Toyota rose 0.16 per cent at Y7,742.0 and Honda added 0.35 per cent to Y3,738.0.
But casual fashion operator Fast Retailing fell 1.56 per cent to Y43,240. SoftBank fell 0.23 per cent to Y7, 785.