UPDATE1: Tokyo stocks edge up ahead of press conference by Japan, U.S. leaders

Japan Economic Newswire |

Tokyo stocks edged up Monday in line with Wall Street gains late last week, while many investors took a wait-and-see stance ahead of a joint news conference by the leaders of Japan and United States.

The 225-issue Nikkei Stock Average gained 65.36 points, or 0.31 percent, from Friday at 21,182.58. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 5.79 points, or 0.38 percent, higher at 1,547.00.

Gainers were led by mining, electric power and gas, and oil and coal product issues.

Tokyo stocks held steady in positive territory for most of the day, helped by New York shares' first rise in three trading days on Friday after U.S. President Donald Trump predicted the previous day a quick resolution to the ongoing trade war with China, brokers said.

Market players closely watched talks Monday between Japanese Prime Minister Shinzo Abe and Trump in Tokyo. The two leaders subsequently attended a joint news conference, which began after the market closed.

At the outset of the meeting, Trump said, "Trade-wise, I think we will be announcing some things probably in August that will be very good for both countries," adding Washington and Tokyo will work to rectify what the U.S president sees as a lack of fairness in his country's economic relationship with Japan.

The remarks provided some relief to market players as the U.S. leader did not show a tough stance on a bilateral trade deal, while "some investors wanted to confirm whether Mr. Trump will make strict requests to Japan" at the news conference, said Yutaka Miura, senior technical analyst at Mizuho Securities Co.

Trading was subdued with many overseas investors away for a holiday in the U.S. and British markets on Monday, Miura added.

On the First Section, advancing issues outnumbered decliners 1,293 to 734, while 114 ended unchanged.

Some export-related issues drew buying following recent declines, brokers said.

Toyota Motor rose 52 yen, or 0.8 percent, to 6,554 yen, while Apple supplier Murata Manufacturing advanced 124 yen, or 2.8 percent, to 4,621 yen.

Nissan Motor gained 7.20 yen, or 1.0 percent, to 747.80 yen, following reports that its French ally, Renault SA, is expected to soon announce its entry into talks with Fiat Chrysler Automobiles M.V. on a wide-ranging partnership, including the possibility of a merger.

Trading volume on the main section dropped to 901.64 million shares from Friday's 1,246.71 million shares.


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