This file photo shows the Tokyo Stock Exchange. (Mainichi)
TOKYO (Kyodo) — Tokyo stocks rose Wednesday morning led by high-tech shares tracking gains in their U.S. counterparts, but advances were capped amid caution over whether the United States and China can make progress in implementing a trade accord.
The 225-issue Nikkei Stock Average rose 173.86 points, or 0.45 percent, from Tuesday to 38,385.37. The broader Topix index was up 0.75 point, or 0.03 percent, at 2,786.99.
The U.S. dollar briefly strengthened to the lower 145 yen range, lifted by hopes of China easing export restrictions on rare-earth metals crucial in high-tech sectors after Washington and Beijing agreed on a framework to implement a consensus reached in May.
At noon, the dollar fetched 144.95-96 yen compared with 144.85-95 yen in New York and 144.74-76 yen in Tokyo at 5 p.m. Tuesday.
The euro was quoted at $1.1415-1416 and 165.46-49 yen against $1.1421-1431 and 165.44-54 yen in New York and $1.1391-1393 and 164.88-92 yen in Tokyo late Tuesday afternoon.
Stocks climbed with gains led by chip-related shares tracking rises on a key U.S. semiconductor index overnight. But moves to lock in gains trimmed the market’s advances following a three-day winning streak through Tuesday.
Some investors were also cautious about buying as they were uncertain whether the United States and China will implement their agreement swiftly after reaching a consensus to ease export controls on critical sectors following two days of negotiations.
AloJapan.com