Economy

Tokyo stocks close lower as investors secure profits after recent winning streak

The Nikkei 225 gained for the third straight day, up 0.45%, as traders embraced overnight Wall Street gains, a cessation of fresh tensions along the Korean Peninsula, and a softer yen, the latter regarded as a positive in export-oriented Japan.

The 225-issue Nikkei average jumped 230.85 points, or 1.18 percent, to close at 19,776.62, the highest closing level since August 8.

"The Nikkei average turned up this week on easing of three concerns - worries over the North Korean threat, a deterioration of the USA economy due to hurricane damage, and a further strengthening of the yen", said Masayuki Kubota, chief strategist at Rakuten Securities Economic Research Institute.

A rise in USA shares and a weak yen supporting key exporter issues helped trim losses, traders said, while a rise in oil prices helped lift energy related issues and cap the overall deficit, they added.

On Monday, the Tokyo market attracted hefty buybacks on receding concerns over the situation surrounding North Korea, which carried out a nuclear test on September 3.

The dollar firmed to 110.49 yen on Thursday against 110.47 yen in NY and well up from the levels around 107.30 yen touched last week.

The TOPIX index of all first-section issues ended up 15.19 points, or 0.94 percent, at 1,627.45, after gaining 18.72 points the previous day.



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