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Nikkei tops 30,000 in morning as US jobs data renew recovery hopes

  • News Desk

    Kyodo News

Tokyo, Japan   /   Mon, April 5, 2021   /   12:30 pm
Nikkei tops 30,000 in morning as US jobs data renew recovery hopes People wearing protective masks, following the coronavirus disease (COVID-19) outbreak, walk past a screen showing Nikkei index outside a brokerage in Tokyo, Japan November 5, 2020. (REUTERS/Kim Kyung-Hoon)

Tokyo stocks rose Monday morning, with the benchmark Nikkei retaking the 30,000 mark for the first time in two weeks, as investors welcomed stronger-than-expected US jobs data for March that renewed hopes for a robust global economic recovery.

The 225-issue Nikkei Stock Average gained 229.19 points, or 0.77 percent, from Friday to 30,083.19. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 11.16 points, or 0.57 percent, to 1,982.78.

In the foreign exchange market, the jobs data, showing a continued rebound in the U.S. labor market, supported the U.S. dollar in the upper 110 yen range.

At noon, the dollar fetched 110.57-61 yen compared with 110.54-64 yen in New York and 110.54-56 yen in Tokyo at 5 p.m. Friday.

The euro was quoted at $1.1766-1767 and 130.10-11 yen against $1.1747-1757 and 130.13-23 yen in New York and $1.1776-1778 and 130.17-21 yen in Tokyo late Friday afternoon.

Stocks maintained a solid tone through the midday break, with a broad range of issues drawing buying on optimism about the US recovery.

"The data renewed hopes for a normalization of US economic activity as coronavirus vaccinations make progress," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

Whether the market can maintain its momentum will likely depend on domestic corporate earnings as companies start reporting their year-to-March results later this month, Ichikawa added.

On the First Section, advancing issues outnumbered decliners 1,482 to 623, while 85 ended the morning unchanged.

Gainers were led by marine transportation, bank and securities house issues.

Among financial stocks, Mitsubishi UFJ Financial Group rose 17.90 yen, or 3.0 percent, to 610.40 yen, Sumitomo Mitsui Financial Group advanced 106 yen, or 2.7 percent, to 4,033 yen and Nomura Holdings gained 16.60 yen, or 2.9 percent, to 588.80 yen.