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  HOME | Business & Economy (Click here for more)

Nikkei Closes Up 0.75% as US-China Trade Tensions Ease

TOKYO – Tokyo stocks closed up 0.75 points on Thursday amid easing trade tensions between China and the United States.

The benchmark Nikkei index of the Tokyo Stock Exchange closed with an increase of 161.95 points to stand at 21,759.61.

The broader-based Topix index rose 0.72 percent, or 11.44 points, to end at 1,585.10.

US President Donald Trump announced late Wednesday that a tariff increase on Chinese products that was scheduled to take effect on Oct. 1 would be postponed by 15 days.

Trump said that the planned hike from 25 to 30 percent in duties on certain Chinese imports worth $250 billion would now come into force on Oct. 15 as a gesture of goodwill toward Beijing on the 70th anniversary of the founding of the People’s Republic of China.

By mid-October, the US and China will have held their 13th round of trade negotiations aimed at putting an end to trade tensions between the two countries.

Japanese online fashion retailer Zozo had the top gain of the day with a rise of 13.43 percent at close of trading.

This is how the market responded to the news that broke out before start of trading of an offer by Yahoo Japan to acquire Zozo in a takeover pegged at around $3.71 billion.

Yahoo Japan shares climbed 2.34 percent while those of tech giant Softbank, which controls the former, rose 0.21 percent while Rakuten, Zozo’s rival, dropped 2.85 percent.

 

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