TOKYO, (MILLAT/APP/AFP) – Tokyo stocks rose Friday as a
cheaper yen lifted exporters, while troubled Toshiba soared on renewed optimism it will be able to work through huge losses at its US nuclear unit.
Markets are also keeping a close eye on last-minute negotiations
among US Republicans over President Donald Trump’s divisive healthcare reform proposal.
The fate of the legislation could serve as a crystal ball for gauging
the future success of Trump’s other proposed moves, including massive
infrastructure spending, deep tax cuts and deregulation, analysts said.
A vote on the reforms scheduled for Thursday was put back a day, with
the White House saying it would definitely pass.
“Even though the vote was delayed, the fact that it will take place
Friday probably means the Republican plan will pass,” Toshihiko Matsuno, head of investment information at SMBC Friend Securities, told AFP.
Looking ahead, investors are also watching a flurry of global data
including inflation in Japan and in the euro zone in February, Nomura
Securities said in a statement.
Tokyo’s benchmark Nikkei 225 index rose 0.93 percent, or 177.22
points, to end the day at 19,262.53. Over the week, index lost 1.32 percent.
The Topix index of all first-section issues advanced 0.88 percent, or
13.51 points, to 1,543.92. Over the week, it lost 1.40 percent.
In currency trading, the dollar fetched 111.39 yen, rebounding from
110.98 yen in New York.
A cheaper yen is good for the profitability of Japanese exporters and
tends to boost demand for their shares.
Toshiba soared 7.57 percent to 223 yen after reports that major
lenders are pressing the troubled conglomerate to seek Chapter 11 bankruptcy restructuring for its loss-hit US unit Westinghouse.
The shares were also lifted by the news that a Singapore-based hedge
fund had purchased a major stake in Toshiba, suggesting it was confident in the company’s turnaround prospects.
Uniqlo-brand operator Fast Retailing, a market heavyweight, added
1.30 percent to end the day at 35,820 yen.
Toyota rose 1.12 percent to 6,229 yen, while Sony gained 1.77 percent
to 3,603 yen. Panasonic was up 0.54 percent at 1,193.5 yen.