Tokyo Stocks Rise Further in Thin Trading in Wait-And-See Mood

Jiji Press

17:51 JST, April 10, 2023

TOKYO (Jiji Press) — Tokyo stocks extended gains in quiet trading Monday, with many foreign players absent due to the Easter break.

The Nikkei average of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section rose 115.35 points, or 0.42%, to finish at 27,633.66 after gaining 45.68 points Friday.

The broader TOPIX index ended up 11.09 points, or 0.56%, at 1,976.53, following a 4.16-point rise the previous trading day.

A wide range of stocks drew buying from the outset, partly reflecting the yen’s weakening against the dollar.

Also, a sense of relief spread after the U.S. Labor Department’s closely watched March employment report on Friday passed without major surprises, brightening investor sentiment to some extent, according to market sources.

After the initial wave of buying ran its course, both the Nikkei and TOPIX indexes moved narrowly in positive terrain amid a lack of fresh trading incentives.

The U.S. jobs data, which showed nonfarm payrolls’ steady growth and the jobless rate’s drop, fueled expectations for a 25-basis-point interest rate hike by the U.S. Federal Reserve at its next policy-setting meeting in early May, leading to rises in long-term U.S. interest rates and the dollar’s firming against the yen, said Yutaka Miura, senior technical analyst at Mizuho Securities Co.