Tokyo's Nikkei closes up on bargain-hunting

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View of Mt. Fuji and Tokyo skyline at dusk.
View of Mt. Fuji and Tokyo skyline at dusk.

Tokyo's benchmark Nikkei index closed up nearly 1.4% on Tuesday as investors bought on dips following two days of profit-taking.

The Nikkei 225 index rose 1.39%, or 391.25 points, to 28 633.46, while the broader Topix index gained 0.56%, or 10.35 points to 1 855.84.

"Shares rebounded easily today following two days of declines, which showed the current strength of the market," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

"Sentiment is likely to remain strong for the time being as hopes for stimulus policies are still high," he told AFP.

Investors were watching headlines linked to Japan's vaccination schedule, analysts said, after Taro Kono, a high-profile minister for administrative and regulatory reforms, was tasked with coordinating the vaccine rollout.

"The market is focusing on how smoothly vaccines can be distributed in Japan," Horiuchi said.

So far, no vaccines have been approved in Japan, which expects to begin its innoculation programme around late February.

The dollar fetched 103.99 yen in Asian afternoon trade, against 103.65 yen in London on Monday.

In Tokyo, chip-linked shares were higher on strong demand for semiconductors. Chip-making equipment maker Tokyo Electron rallied 2.10% to 44 130 yen, and testing equipment maker Advantest was up 4.21% at 9 140 yen.

Automakers were higher on hopes for US measures to support the industry. Nissan jumped 3.91% to 544.3 yen and Honda rose 1.68% to 2 833.5 with Toyota up 0.94% at 7 708 yen.

Tyre makers were also among gainers. Bridgestone jumped 3.34% to 4 053 yen with Yokohama Rubber up 2.15% at 1 612 yen on bargain-hunting.

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