This file photo shows the Tokyo Stock Exchange on Oct. 2, 2020. (Mainichi)
TOKYO (Kyodo) — Tokyo stocks rose Monday, as buying was spurred on easing concerns over a trade conflict between the United States and the European Union after U.S. President Donald Trump said he will delay 50 percent tariffs on the EU imports until July 9.
The 225-issue Nikkei Stock Average ended up 371.06 points, or 1.00 percent, from Friday at 37,531.53. The broader Topix index finished 16.39 points, or 0.60 percent, higher at 2,751.91.
On the top-tier Prime Market, gainers were led by iron and steel, air transportation, and service issues.
The U.S. dollar briefly weakened to the lower 142 yen range in Tokyo as worries lingered about worsening U.S. fiscal health, dealers said.
Stocks advanced as Trump extended the tariff deadline on imports from the EU after he earlier had suggested starting the measure on June 1.
The Nikkei index was also boosted by heavyweight technology shares, while a decline in the yield on the benchmark 10-year Japanese government bond helped ease concerns about higher borrowing costs, brokers said.
Meanwhile, iron and steel shares drew buying after Nippon Steel gained on hopes there will be progress in its plan to acquire United States Steel Corp. after Trump on Friday touted “a planned partnership” between the two companies.
Nippon Steel ended up 61 yen, or 2.12 percent, at 2,930 yen, after briefly surging more than 7 percent.
“Hopes for Japan-U.S. negotiations likely supported the market,” said Maki Sawada, a strategist at the Investment Content Department of Nomura Securities Co., with topics ranging from Nippon Steel to a possibility of reaching a bilateral trade agreement next month.
AloJapan.com