Tokyo stocks close higher as yen weakens

Tokyo stocks closed higher on Wednesday helped by a cheaper yen, as market focus shifted from Donald Trump and Kim Jong Un’s summit to US and European central bank meetings.

The benchmark Nikkei 225 index rose 0.38 percent, or 88.03 points, to 22,966.38, while the broader Topix index was up 0.42 percent, or 7.55 points, at 1,800.37.

“A cheaper yen against the dollar helped boost” Japanese shares, Daiwa Securities said in a commentary.

The dollar fetched 110.56 yen in Asian trade, against 110.36 yen in New York.

Global markets moved little following the Trump-Kim meeting on Tuesday, with some analysts lauding the positive tone of the event, despite uncertainty about whether it would result in significant change.

Investors are now watching the conclusion of the Fed’s meeting later Wednesday and the ECB policy decision on Thursday.

Exporters closed higher, with Toyota adding 1.34 percent to 7,496 yen, while Honda rose 1.44 percent to 3,880 yen.

Sony gained 0.42 percent to 5,501 yen.

Toshiba surged 6.64 percent to 337 yen after it said it was buying back 700 billion yen of it shares after completing the sale of its memory chip business.

Nintendo dropped 6.21 percent to 39,120 yen after its presentation at the E3 trade show disappointed investors by failing to mention new products.