Tokyo stocks ended higher Monday, after reassurances by Prime Minister Fumio Kishida on his economic policies heartened sentiment, but prices remained well below a 31-year high marked in mid-September as skepticism over the new leader’s approach added to concerns about the post-pandemic growth outlook.
The 225-issue Nikkei Stock Average ended up 449.26 points from Friday to close at 28,498.20, but was still 7% below its recent high point. The market has also been rattled by China Evergrande Group’s debt crisis as well as rising long-term U.S. Treasury yields and higher oil prices.
Market analysts say the key index is not likely to dip below this year's closing low of around 27,000, helped in part by approval Thursday by the U.S. Senate of legislation to temporarily raise the federal government's debt limit and avoid the risk of a default.