TOKYO: Tokyo stocks have risen again on the eighth day of a winning streak that has the benchmark index closing at another 15-year high.
The Nikkei 225 at the Tokyo Stock Exchange gained 0.12 per cent, or 23.71 points, on Tuesday to 20,437.48, while the Topix index of all first-section issues rose 0.03 per cent, or 0.42 points, to 1,659.57.
“I still see the Japanese market as vulnerable to a correction, but it continues to be a market you want to buy on the dips,” said Nader Naeimi, Sydney-based head of dynamic asset allocation at AMP Capital Investors.
“You have very strong liquidity support, you have strong momentum in earnings growth and economic indicators, and valuations are not too demanding,” he told Bloomberg News.
Japanese stocks have continued pushing new multi-year highs in recent weeks, backed by a weak yen, positive expectations for Japanese corporate earnings and the Bank of Japan’s ultra-loose monetary policy.
In forex trading, the US dollar rose again to 122.54 yen, its highest since mid-2007, from 121.66 yen in New York.
In share trading, Japan Tobacco slipped 0.13 per cent to 4,694 yen after rising in the previous session on news that it would sell its vending machine businesses to beverage giant Suntory, which lost 1.74 per cent to close at 5,070 yen.
Japan Airlines rose 3.78 per cent to 4,250 yen, while ANA Holdings gained 0.97 per cent to 332.1 yen.
Many markets around Europe and in New York were closed Monday for public holidays.
Investors are watching closely for any new developments in talks between Greece and its international creditors over unlocking bailout funds, with no deal in sight and 300 million euros of payment due next week.
