Tokyo stocks close higher with eyes on earnings

Tokyo stocks closed higher Monday, extending rallies on Wall Street, while the yen’s value was volatile following reports that the Japanese government intervened to prop up the currency.

The benchmark Nikkei 225 index ended up 0.31 per cent, or 84.32 points, at 26,974.90, while the broader Topix index edged up 0.28 per cent, or 5.21 points, to 1,887.19.

Japanese shares started with gains following rises in US shares, with investors hopeful that the Federal Reserve may slow down the pace of rate hikes this year, analysts said.

But in later trade, a wait-and-see attitude was seen growing ahead of the start of Japan’s corporate earnings season, Mizuho Securities said.

Dollar-yen trade had a roller-coaster session, changing hands at 148.90 yen in late Tokyo hours. The Japanese currency briefly firmed to 145 yen from around 149 yen at 800 am (2300 GMT Sunday), compared to 147.65 yen against the dollar in New York late Friday.