Tokyo stocks jump on buybacks following recent declines

Jiji Press TOKYO (Jiji Press) — Stocks jumped on the Tokyo Stock Exchange Monday, buoyed by buybacks following their recent fall caused by concerns over U.S.-China trade friction.

The 225-issue Nikkei average soared 264.04 points, or 1.21 percent, to 22,052.18, finishing above 22,000 for the first time since June 29. It gained 241.15 points on Friday.

The TOPIX index of all first-section issues was up 20.25 points, or 1.20 percent, at 1,711.79, after rising 15.34 points the previous trading day.

Investor sentiment was lifted by Wall Street’s advance on Friday, market sources said, adding that futures-led purchases of Japanese stocks drove the Nikkei and TOPIX higher.

Japanese stocks were boosted also by repurchases in the absence of fresh major selling incentives involving the U.S.-China trade friction, according to the sources.

Monday’s advance came as the U.S.-China trade war “didn’t escalate during the weekend,” an official of an asset management firm said.

“Wariness [against the trade war] receded a little,” Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc., pointed out, citing gains in the U.S., Japanese and other Asian stock markets.

Japanese stocks gained upward momentum thanks to “short covering after they fell in a short period of time,” said Yoshihiko Tabei, chief analyst at Naito Securities Co.Speech

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