Japanese Stocks Inch Up After US-China Trade Tensions Soften
Japanese stocks clung to small gains posted after US and China agreed in principle to a framework for de-escalating trade tensions, though a cautious mood prevailed ahead of US inflation data.
Semiconductor stocks led gains following strong monthly sales from Taiwan Semiconductor Manufacturing Co.
The Topix Index rose 0.1% to 2,788.72 at close
Nikkei advanced 0.5% to 38,421.19
Helped by gains in chip-related stocks, the tech-heavy Nikkei closed just shy of its three-month peak touched in late May.
In the broader Topix, almost 70% of stocks advanced, though that was offset by weakness in recent gainers such as Mitsubishi Heavy Industries and Nintendo.
“The market is essentially awaiting the US CPI number,” said Kensuke Togashi, chief strategist at Daiwa Asset Management.
The market is supported on the whole by the perception that the US President Donald Trump’s tariffs won’t be as big and damaging to the economy as previously feared after a court ruled against a part of tariffs, he said.
A federal appeals court’s decision that the levies can remain in effect will have limited impact, he said.
Source: Bloomberg
