Tokyo Stocks Rise As Wall Street Sets Record High

Tokyo stocks ended sharply higher Tuesday as sentiment improved on overnight record highs on Wall Street, while a slight weakening of the yen against the US dollar supported export-related shares, Mainichi Japan reported.

Photo Insert: Tokyo financial district

The 225-issue Nikkei Stock Average ended up 505.60 points, or 1.77 percent, from Monday at 29,106.01. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 22.98 points, or 1.15 percent, higher at 2,018.40.

Every industry category gained ground, led by marine transportation, iron and steel, and electrical appliance issues, Kyodo News also reported.

The US dollar edged up toward the 114 yen line, as it was bought on speculation the interest rate gap between the United States and Japan will widen as the US Federal Reserve moves to normalize monetary policy, dealers said.

At 5 p.m., the dollar fetched 114.04-05 yen compared with 113.67-77 yen in New York and 113.63-65 yen in Tokyo at 5 p.m. Monday.

The euro was quoted at $1.1597-1599 and 132.26-30 yen against $1.1606-1616 and 132.00-10 yen in New York and $1.1657-1659 and 132.46-50 yen in Tokyo late Monday afternoon.

The yield on the benchmark 10-year Japanese government bond inched up 0.005 percentage points from Monday's close to 0.100 percent, as investors sold the safe-haven debt, as Tokyo stocks showed sharp gains. Bond yields move inversely to prices.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic