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Japan's Nikkei touches more than a week high on hopes of strong US economy
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Japan's Nikkei touches more than a week high on hopes of strong US economy
Nov 24, 2024 7:36 PM

TOKYO, Nov 25 (Reuters) - Japan's Nikkei share average

touched its highest in more than one week on Monday, as

investors bought stocks expecting the U.S. economy to remain

strong.

The Nikkei climbed to 39,053.64, hitting its highest

since Nov. 15, before ending the morning session 1.53% higher at

38,868.68.

The broader Topix was up 1.02% to 2,747.14.

"Overseas factors are important for Japanese stocks now as

we have not seen much market moving catalysts within Japan,"

said Fumio Matsumoto, chief strategist at Okasan Securities.

Wall Street closed higher on Friday, with all three major

indexes posting weekly gains, as investors took comfort from

data pointing to robust economic activity in the world's biggest

economy.

"But the gains of the Nikkei were capped on concerns about

the possible impact of the Republican President-elect Donald

Trump's policy on Japanese exporters," Matsumoto said.

Uniqlo owner Fast Retailing ( FRCOF ) jumped 2.9% to give the

biggest boost to the Nikkei.

Chip-making equipment maker Tokyo Electron ( TOELF ) gained

3.6% and tech start-up investor SoftBank Group added

3.72%.

Keisei Electric Railway ( KELRF ) and Keikyu ( KHEXF ) surged

14.48% and 13.24%, respectively, after local media reported an

activist investor group is building up stake in the railway

operators.

The railway sector jumped 2.42% to become the top

gainer among the Tokyo Stock Exchange's (TSE) 33 industry

sub-indexes.

Chip-testing equipment maker Advantest ( ADTTF ) slipped

1.33% to weigh the most on the Nikkei. Phone company KDDI ( KDDIF )

fell 0.5%.

Of the more than 1,600 stocks on the TSE's prime market, 71%

rose, 24% fell and 3% traded flat.

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