Tokyo stocks up by break after US growth revision

PHOTO: CNCB

PHOTO: CNCB

Tokyo stocks rose on Monday morning, extending gains at the end of last week as an upward revision of US economic growth lifted optimism for the global outlook.

Gross domestic product in the world’s biggest economy grew 1.4 percent in the final quarter of last year, the US Commerce Department said Friday, much better than the previously estimated 1.0 percent.

The revision showed consumer spending and housing sales were better than originally thought, and the slowdown in exports not as bad.

“There’s strength in the US economy,” Yoshinori Ogawa, a market strategist at Okasan Securities, told Bloomberg News.

He added that there had been talk that concerns about the US economy would prevent the Federal Reserve from lifting interest rates any time soon.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange rose 0.77 percent, or 131.44 points, to 17,134.19 by the break.

The broader Topix index of all first-section shares climbed 0.73 percent, or 10.04 points, to 1,376.09.

Among the gainers, Japan Airlines advanced 0.73 percent to 4,249 yen and All Nippon Airways tacked on 0.97 percent to 330 yen.

Nissan was up 0.41 percent at 1,092.5 yen, while Uniqlo operator Fast Retailing, a market heavyweight, gained 0.57 percent to 36,620 yen.

Sony lost 0.13 percent to 2,892 yen and Toyota ticked 0.01 percent lower to 6,179 yen.

In forex trade, the dollar rose to 113.48 yen from 113.08 yen in New York Friday.



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