Jiji Press TOKYO (Jiji Press) — Stocks continued to rise on the Tokyo Stock Exchange Monday, helped by Wall Street’s sharp advance on Friday.
The 225-issue Nikkei average rose 354.83 points, or 1.65 percent, to end at 21,824.03, after gaining 101.13 points on Friday.
The TOPIX index of all First Section issues closed up 25.82 points, or 1.51 percent, at 1,741.30. It rose 5.53 points the previous trading day.
The Nikkei average briefly gained over 500 points in the morning after U.S. equities surged as a slower-than-expected wage increase shown in Friday’s U.S. jobs data brushed off inflation concerns. The Nikkei was also helped by the yen’s weakening against the dollar.
But a growing number of investors later became inactive to see future developments regarding a scandal over a controversial sale of state land to private school operator Moritomo Gakuen in Japan, brokers said.
The Japanese government acknowledged on Monday that documents related to the land deal had been rewritten after the scandal came to light in late February last year.
The scandal has “dampened the sentiment of investors, especially nonresidents,” an official of a bank-linked securities firm said.
But stocks attracted buybacks in the afternoon as Finance Minister Taro Aso indicated his intention not to resign over the case, Yutaka Miura, senior technical analyst at Mizuho Securities Co., pointed out.Speech