Tokyo Stocks Rise on Surprise GDP Growth

Tokyo stocks rose Monday in Tokyo as Japan’s economic growth in the first quarter beat market expectations, but the gains were limited as the data also reflected weak domestic demand amid ongoing U.S.-China trade tensions.

The 225-issue Nikkei Stock Average ended up 51.64 points, or 0.24 percent, from Friday at 21,301.73. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 0.67 point, or 0.04 percent, higher at 1,554.92.

Gainers were led by real estate, farm and fishery, and land transportation issues.

The Nikkei briefly extended its gains to more than 100 points as government data showed that Japan’s economy grew at an annualized rate of 2.1 percent in the January-March quarter, supporting a moderate recovery of the Japanese economy.

“It came as a surprise as the market originally projected a contraction,” said Akira Tanoue, a senior strategist of the investment research department at Nomura Securities Co.

via Mainichi

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