Tokyo stocks end higher on U.S. rate cut expectations-Xinhua

Tokyo stocks end higher on U.S. rate cut expectations

Source: Xinhua

Editor: huaxia

2024-05-10 18:12:16

TOKYO, May 10 (Xinhua) -- Tokyo stocks closed higher on Friday amid growing expectations of a U.S. interest rate cut this year.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended up 155.13 points, or 0.41 percent, from Thursday at 38,229.11.

The broader Topix index, meanwhile, finished 14.75 points, or 0.54 percent, higher at 2,728.21.

Dealers here noted that data released overnight pointed to a slowing labor market in the United States and fueled market expectations of a rate cut by the U.S. Federal Reserve to spur economic growth.

Stocks rose after the Nikkei benchmark lost over 750 points in the past two days of declines, but they gradually trimmed the gains, with investors concerned about the business outlook after some major Japanese firms released modest earnings forecasts for fiscal 2024, analysts said.