TOKYO: Tokyo’s main stock market closed at a 14-month high Monday, boosted by data suggesting China’s economy was improving despite uncertainty over trade talks with Washington.
The benchmark Nikkei 225 index added 1.01%, or 235.59 points, to 23,529.50, its highest close since October 2018.
The broader Topix index rose 0.89%, or 15.13 points, to 1,714.49.
Investors perked up after China said Saturday that its closely watched Purchasing Managers’ Index (PMI), a key gauge of activity in the country’s factories, rose to 50.2 in November.
It came above the 50-point mark that divides boom and bust, and showed an improvement from the 49.3 seen last month.
The Tokyo market also cheered the relative strength of the dollar, which stood at 109.64 yen, compared with 109.52 yen late Friday in London.
“As (the Nikkei) firmed above the 23,500 mark, solid Asian shares provided support,” buoying the Japanese index, Okasan Online Securities said in a note.
“Hong Kong and Shanghai shares gained on (bright) Chinese PMI data,” adding to the general optimism in the market, the brokerage said.
Fresh Japanese data indicating increased corporate capital spending during the July-September quarter also pepped up the Tokyo market, SMBC Nikko Securities added.
Among major shares, Nintendo soared 2.10% to 43,240 yen on reports of strong sales of its products and game titles as the US holiday shopping season kicked off.
Sony added 1.36% to 6,998 yen. Uniqlo-operator Fast Retailing climbed 1.66% to 67,800.
Electronics parts maker Murata Manufacturing was up 2.92% to 6,529 yen.
Construction equipment maker Komatsu rose 0.78% to 2,587 yen.
Meanwhile small-car specialist Suzuki dropped 2.08% to 4,755 while Tokyo Electron, which makes tools to produce semiconductors, fell 0.13% to 22,570 yen.