Japanese stocks rose on Tuesday buoyed by optimism over the US and North Korea summit
2018-06-12 07:40 am | Resource: NEWS | No Views : 40
Japanese stocks rose on Tuesday, buoyed by optimism that the US and North Korea summit in Singapore could eventually pave the way for denuclearization of the Korean Peninsula.
The Nikkei was up 0.3 percent at 22878.35, its highest closing since May 22 and not far from a four-month high within a day of 23,050.39.
US President Donald Trump and North Korean leader Kim Jong-un signed a "comprehensive" document after a landmark summit in Singapore, although there was no immediate details on the contents of the document before the market closed.
Traders said short-term funds, such as event-based funds and commodity trading advisers, pushed prices higher, hoping that the two countries would find common ground on nuclear disarmament.
"The price of investors is likely to find a common ground between the United States and North Korea," said Shujo Miyakawa, global market strategist at JPMorgan Asset Management.
"They do not expect everything to be resolved at this summit, but as investors have confirmed that two countries have found common ground and will continue to engage in dialogue, the market will invest in this big event."
Far from the summit, he said global monetary policy is at the forefront as several major central banks meet this week.
The US Federal Reserve is almost certain to raise interest rates again on Wednesday, coming close to a neutral policy stance, while the European Central Bank is likely to point out on Thursday it will begin to reverse a 2.55 trillion euro bond purchase plan this year.
The Bank of Japan will also conclude a two-day meeting on Friday, widely expected to keep its loose monetary policy intact.
Defense stocks rallied, with railway and food companies outperforming 1.8 percent and 1.4 percent respectively.
East Japan Airlines jumped 3.0 percent and West Japan Rail gained 2.6 percent and Yamazaki Paking rose 2.6 percent.
Semiconductor-related stocks fell after the Philadelphia index fell 0.2 percent, reversing the overall upward trend on Monday.
Tokyo Electron fell 0.8 percent, while Shin-Etsu Chemical and Advantest Corp. fell 2.1 percent, and other major losers were makers, with Square Enix, Pandai Namco and Capcom falling between 2.5 and 4.9 percent.
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