Tokyo shares close up at new high since 1990

Tokyo stocks ended higher on Monday supported by US tech gains with Sony’s mooted merger of its Indian operations with Zee in focus, AFP reporetd.

The benchmark Nikkei 225 index added 1.62 percent, or 583.68 points, to 36,546.95, its best close since February 1990.

The broader Topix index rose 1.39 percent, or 34.89 points, to 2,544.92.

The dollar fetched 148.00 yen, against 148.10 yen in New York late Friday.

Investors cheered the strength of Wall Street and bought a broad range of shares, particularly high-tech shares, IwaiCosmo Securities said.

Buying accelerated after the Nikkei shot above the psychologically important 36,000 mark, it said.

“The market broke through the range in place since the beginning of the year, and buying continued as investors looked to further gains,” the brokerage said.

Among major shares, Sony Group added 1.89 percent to 14,800 yen. After the market closed, the entertainment and electronics conglomerate announced it was pulling out of a merger of its Indian business with local rival Zee Entertainment.

The collapse is a blow to both firms’ hopes of better competing with streaming rivals such as Disney, Amazon and Netflix in the booming entertainment market of 1.4 billion people.

SoftBank Group surged 2.41 percent to 6,723 yen, and Uniqlo operator Fast Retailing rose 1.98 percent to 39,610 yen.

Semiconductor shares also gained. Tokyo Electron added 1.66 percent to 28,700 yen, and Advantest jumped 3.52 percent to 5,994 yen.