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Tokyo stocks rise sharply in morning after 3-day plunge

This Oct. 1, 2020 file photo shows the Tokyo Stock Exchange. (Mainichi)

TOKYO (Kyodo) -- Tokyo stocks rose sharply Friday morning as investors sought cut-price shares after the Nikkei index dropped more than 7 percent over the past three days.

    The 225-issue Nikkei Stock Average gained 492.89 points, or 1.80 percent, from Thursday to 27,940.90. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 28.80 points, or 1.56 percent, at 1,877.84.

    Gainers were led by precision instrument, consumer credit and mining issues.

    The U.S. dollar stayed in the mid 109 yen range after edging down overnight as investors awaited U.S. retail sales data for April due later in the day, dealers said.

    At noon, the dollar fetched 109.60-61 yen compared with 109.42-52 yen in New York and 109.66-68 yen in Tokyo at 5 p.m. Thursday.

    The euro was quoted at $1.2080-2080 and 132.40-44 yen against $1.2074-2084 and 132.19-29 yen in New York and $1.2085-2087 and 132.53-57 yen in Tokyo late Thursday afternoon.

    Shares were higher from the outset, tracking an overnight rebound on Wall Street where stocks were also sold heavily over the past three days on inflation fears, brokers said.

    "A wide range of shares were bought back after large losses but the Nikkei was top-heavy around the psychological threshold of 28,000 line," said Kazuo Kamitani, a strategist in the Investment Content Department of Nomura Securities Co.

    The market showed limited reaction to media reports detailing the Japanese government's plan to declare a COVID-19 state of emergency in three more prefectures -- Hokkaido, Okayama and Hiroshima -- as part of efforts to deal with a surge in infections, Kamitani said.

    On the First Section, advancing issues outnumbered decliners 1,905 to 250, while 36 ended the morning unchanged.

    Isuzu Motors shot up 246 yen, or 23.0 percent, to 1,316 yen after forecasting Thursday a better-than-expected operating profit for the year through March 2022.

    Heavy machinery manufacturer IHI surged 275 yen, or 12.9 percent, to 2,415 yen after it provided guidance showing its net profit is expected to more than double in fiscal 2021 from a year earlier.

    Ceramic electronic components maker Taiyo Yuden jumped 290 yen, or 6.6 percent to 4,705 yen after reporting Thursday a net profit for fiscal 2020 that beat market expectations.

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