The Nikkei 225 extended its gains on 17th in Tokyo trading, closing ¥213.25 higher at ¥64,136.25. Lower oil prices and a weaker yen prompted buying, while gains in US semiconductor stocks provided a tailwind.
The Nikkei 225 extended its gains in Tokyo trading on 17th, closing ¥213.25 higher than the previous day at ¥64,136.25. Related stocks were bought in the morning on gains in US semiconductor shares, and the index briefly rose more than ¥700, but after the initial buying subsided, it pared its gains and at times fell into negative territory.
The Tokyo Stock Exchange Price Index (TOPIX) rose 32.47 points to 4,094.19, while trading volume was 1.95662 billion shares.
Falling crude oil futures prices and the yen's depreciation supported the market. Reports that Saudi Arabia had expanded crude shipments via Oman were cited as a factor behind the decline in oil prices, easing concerns about downward pressure on the economy.
The yen weakened in the foreign exchange market after the Federal Reserve decided to raise interest rates, prompting buying of export-related companies such as automakers on expectations of improved earnings.
At the same time, caution prevailed as investors sought to assess the outcome of the Bank of Japan's monetary policy meeting, which runs through 18th, limiting the market's upside.