Japan Nikkei closes above psychologically important 28,000 threshold

Japan stock market wiped out early losses to finish in the green territory on Tuesday, 31 August 2021, as market participants moved to buy shares of some undervalued blue chips and steelmakers.

At closing bell, the 225-issue Nikkei Stock Average advanced 300.25 points, or 1.08%, to 28,089.54. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 10.56 points, or 0.54%, to 1,960.70.

Tokyo share market commenced trading with a back-foot amid consecutive days of record-high serious coronavirus infection cases in Japan. But once initial selling ran out of steam, the market moved into positive territory as market participants moved to buy shares of some undervalued blue chips and steelmakers.

CURRENCY NEWS: The U.S. dollar was little changed against Japanese yen on Tuesday, amid a wait-and-see mood ahead of the releases of important U.S. economic indicators later this week. The dollar fetched 109.81-83 yen compared with 109.87-97 yen in New York and 109.80-82 yen in Tokyo on Monday.

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