Roundup: Tokyo stocks close lower on profit-taking, tech issues weigh
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Japanese shares slip on market outlook caution, Fast Retailing shines
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By Reuters Staff
3 Min Read
TOKYO, Feb 8 (Reuters) - Japanese shares rose sharply on Monday, with both Nikkei and Topix hitting 30-year highs, as strong corporate earnings lifted investor confidence for an economic recovery from pandemic lows.
The Nikkei share average jumped 2.09% to 29,380.12 by 0210 GMT, the highest level since August 1990, while the broader Topix rose 1.75% to 1,923.96, the highest since June 1991.
“With the vaccine rollouts and the fall in the number of daily COVID-19 infections, expectations for normalization of the economy is rising,” said Soichiro Matsumoto, chief investment officer Japan at Credit Suisse Private Banking.
“Better-than-expected corporate performance in this environment is also lifting sentiment. Many U.S. firms have reported upbeat results and Japanese companies, particularly those sensitive to overseas demand, are following suit.”