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Tokyo stocks end higher with eyes on Fed decision

Tokyo stocks end higher with eyes on Fed decision

TOKYO: Tokyo stocks closed higher on Wednesday, supported by gains of US futures with investors awaiting the US Federal Reserve’s monetary policy decision later in the day.

The benchmark Nikkei 225 index added 0.10 percent, or 27.08 points, to end at 28,459.72, while the broader Topix index rose 0.52 percent, or 10.29 points, to 1,984.10.

“Traders’ sentiment recovered thanks to steady gains of US futures and gains of Toyota shares,” senior strategist Yoshihiro Ito of Okasan Online Securities said.

But they stayed cautious ahead of the key Fed decision, he added.

Investors are girding for more details on just how fast the US central bank will scale back its stimulus and the timing of the first interest rate hikes.

The dollar fetched 113.71 yen in Asian trade, almost unchanged from 113.74 yen in New York late Tuesday.

In Tokyo trading, Toyota jumped 3.59 percent to 2,118.5 yen after it hiked its electric vehicle sales goal by 75 percent on Tuesday as part of efforts to drive down carbon emissions.

Nissan advanced 0.46 percent to 537.6 yen while Honda climbed 0.43 percent to 3,198 yen.

Eisai gained 2.78 percent to 6,943 yen following a report that Japanese health authorities will discuss next week the approval of Alzheimer’s treatment Aduhelm developed by the drug maker and US firm Biogen.

Uniqlo operator Fast Retailing lost 1.32 percent to 66,960 yen while SoftBank Group gained 1.77 percent to 5,620 yen.

Source: Business Recorder

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