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Japan Nikkei bounces on renewed trade deal hopes
(15 Nov 2019, 10:37)
Headline indices of the Japan share market advanced on Friday, 15 November 2019, as the market mood was lifted by renewed hopes for a Sino-US trade truce after White House economic adviser Larry Kudlow statement on Thursday that Washington is “getting close” to a trade deal with Beijing. However, market gains capped on yen's advance against the U.S. dollar. Around late afternoon, the 225-issue Nikkei Stock Average advanced 163.47 points, or 0.71%, to 23,305.02, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange grew 11.47 points, or 0.68%, at 1,695.87.

Total 31 issues of the 33 industry category of Topix index inclined into positive territory, with Fishery, Agriculture & Forestry, Pulp & Paper, Precision Instruments, Warehousing & Harbor Transportation Services, Marine Transportation, Securities & Commodities Futures, and Wholesale Trade issues being notable gainers.

The United States is getting close to a trade agreement with China, White House economic adviser Larry Kudlow said on Thursday (Nov 14), citing what he called very constructive discussions with Beijing, but he gave no further details on the timing of a possible deal. Mr Kudlow's comments could ease market concerns that flared again this week amid reports that the trade talks had hit a snag over how and when to reduce tariffs, and what level of agricultural purchases could be expected from China.

Chinese Ministry of Commerce spokesman Gao Feng said Thursday that both countries are holding deep discussions about a phase one deal, but noted that the rolling back of some tariffs is key to reaching an agreement.

CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, appreciated against greenback. The Japanese yen traded at 108.56 against the dollar, having strengthened from levels above 109.2 seen earlier this week.

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