Tokyo stocks close up as N.Korea, Irma worries ease

 12 Sep 2017 - 9:51

Tokyo stocks close up as N.Korea, Irma worries ease


Tokyo: Tokyo stocks rallied to a one-month high on Tuesday boosted by a weaker yen and as worries about Hurricane Irma and North Korea receded.

The benchmark Nikkei 225 index closed up 1.18 percent, or 230.85 points, at 19,776.62, the highest since August 8, while the broader Topix index ended the session up 0.94 percent, or 15.19 points, at 1,627.45.

"Investors' risk-off attitude last week receded after worries over Hurricane Irma and North Korea eased," and they keep the same attitude in principle following the latest UN Security Council resolutions, Hiroaki Hiwata, strategist at Toyo Securities, told AFP.

Relief that the damage caused by Hurricane Irma Florida was not as bad as feared also supported the market, analysts said.

The dollar was flat against the yen, fetching 109.42 yen in Asian trade, against 109.44 yen in New York but well up from the 108.60 yen levels seen in tokyo earlier Monday.

The UN Security Council unanimously imposed new sanctions on North Korea, slapping a ban on textile exports and restricting shipments of oil products to punish Pyongyang for its sixth and largest nuclear test. 

Turning to individual share prices, Japan Post jumped 3.93 percent to 1,373 yen after the government said late Monday it would sell off another chunk of the country's massive postal service and expected to raise about $12 billion.

Blue-chip exporters were also in the green, with Toyota gaining 1.03 percent to 6,361 yen, rival Nissan rising 1.40 percent to 1,115 yen and game giant Nintendo up 3.27 percent to 37,880 yen.

Electric Vehicle-linked shares rose, with Titan Kogyo, manufacturer of parts for lithium-ion batteries, surging by the daily limit of 27.21 percent to 374 yen after reports said China was considering banning sales of gasoline and diesel cars.