Tokyo stocks end higher over easing U.S. rate hike concerns

Tokyo stocks ended higher Tuesday as concerns over the prospect of further interest rate hikes by the U.S. Federal Reserve eased in the market.

Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, snapped a three-day losing streak by ending up 308.61 points, or 0.95 percent, from Monday to close the day at 32,776.37.

The broader Topix index finished 19.43 points, or 0.82 percent, higher at 2,379.91.

Tracking overnight sharp gains by the tech-heavy Nasdaq in New York, technology shares got boosted in the Tokyo market, and analysts said that pressure on tech and other growth stocks also eased in the afternoon as long-term Japanese government bond yields retreated slightly.

Earlier in the day, the yield on Japan’s benchmark 10-year government bond hit a new nearly 10-year high of 0.720 percent, which triggered the Nikkei average to narrow its gains.

On the Prime Market, gainers were led by transportation equipment, rubber product and real estate shares.

Issues that rose outpaced those that fell by 1,392 to 389, while 54 ended the day unchanged. ■

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