Tokyo shares edge up at close ahead of earnings

Tokyo stocks closed higher on Monday, tracking modest gains on Wall Street last week ahead of corporate earnings season in Japan and the United States, AFP reported.

The benchmark Nikkei 225 index added 0.10 percent, or 29.15 points, to end at 28,593.52, while the broader Topix index rose 0.11 percent, or 2.28 points, to 2,037.34.

“A sense of reassurance spread across the market after US shares advanced on Friday while the yen’s rise halted,” IwaiCosmo Securities said.

But the market also lacked incentives to go higher ahead of major company results coming up in Japan and stateside, and the first board meeting for newly appointed Bank of Japan governor Kazuo Ueda on Friday.

Global investors will be focused this week on earnings from tech behemoths including Amazon, Microsoft, Google parent Alphabet and Facebook owner Meta.

Investors’ worries over a broad recession also eased after fresh surveys of US purchasing managers indicated strong business activity, Daiwa Securities said.

“On the other hand, investors found reason to be cautious, given the uncertainty over the policy directions of the US and Japanese central banks as well as corporate earnings,” Daiwa added.

The dollar stood at 134.17 yen, against 134.09 yen in New York on Friday.

The aviation sector benefited from strong tourism demand. ANA Holdings jumped 3.74 percent to 2,958 yen, while its rival Japan Airlines rose 1.95 percent to 2,612 yen.

Among other major shares, Nintendo gained 1.29 percent to 5,591 yen, and SoftBank Group rose 1.16 percent to 5,054 yen. Toyota gave up earlier gains and ended down 0.22 percent at 1,798 yen.