The benchmark Nikkei 225 index jumped 2.09 per cent, or 582.01 points, to end at 28,406.84, while the broader Topix index added 1.54 per cent, or 28.88 points, to 1,907.74. — Reuters picTOKYO, May 18 ― Tokyo shares closed higher today on bargain-hunting as investors shrugged off news of a shrinking economy in Japan and ongoing worries over coronavirus infections.
Investors sought bargains after recent falls, including a 0.92 per cent loss in the Nikkei index yesterday, while the yen slowed its appreciation against the dollar, giving some support to the market. “Japanese shares fell rather sharply yesterday too. Then US shares... were seen as relatively calm. So that was seen as positive for the market,” he added.
Shortly before the Tokyo market opened, the Cabinet Office said Japan's economy contracted 1.3 per cent in the three months to March, broadly in line with market expectations.“It was to be expected under the coronavirus pandemic. I believe the market has it broadly factored in.”
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