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Nikkei ends at 6-year high amid weaker yen
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Tokyo stocks closed 0.76 percent higher yesterday, renewing its six-year high, backed by a weaker yen and a refreshed year high on Wall Street on the back of strong economic data.
The bellwether Nikkei 225 index ended 120.66 points higher at 16,009.99, reversing earlier losses at the start.
The Topix index of all first-section issues was up 0.05 percent, or 0.63 point, to 1,258.18.
“The market is in a tug of war surrounding a 16,000 closing price,” Junya Naruse, chief strategist at Daiwa Securities, said shortly before the closing.
The index’s above-16,000 close in 2013 has a significant effect on investors’ minds as they welcome 2014, he said.
“The Nikkei’s finish above 16,000 will likely contribute to further improvements in Japan’s economic sentiment at the start of the new year as it is likely to encourage further spending during the holiday season.”
The November report on US durable goods orders showed an increase of 3.5 percent, more than expected. That was followed by a report on new home sales in the US that also beat expectations.
But foreign investors’ buying may offset Japanese investors’ selling as they continue to shed equities to meet yesterday’s deadline to close their positions before Japan doubles tax rates on capital gains and dividends in January, analysts said.
Tuesday’s data came on the heels of other recent better-than-expected US economic reports, which have strengthened positive sentiment about the world’s biggest economy after the Federal Reserve last week moved to scale back their stimulus.
A strong US dollar, ongoing monetary easing by the Federal Reserve, the recovering US economy, and low interest rates were expected to offer support to Japanese equities, said Hideyuki Ishiguro, assistant manager of investment strategy at Okasan Securities.
The US dollar fetched 104.39 yen yesterday compared with 104.27 yen in New York on Tuesday afternoon.
Japanese mobile phone carrier SoftBank lost 0.45 percent to 8,770 yen (US$84) following a Nikkei report that it intends to buy a majority of the shares in T-Mobile US via its US subsidiary Sprint as early as next spring at over 2 trillion yen.
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