Tokyo stocks end sharply higher on Wall Street gains

Tokyo stocks closed sharply higher on Thursday in response to overnight gains on Wall Street, in line with easing fears of a US economic slowdown. The Nikkei Stock Average jumped 143.62 points, or 1.65%, to close the day at 8,874.11. The benchmark index hit its highest point since May 17, according to (Nikkei.com). As the month of June comes to a close, investors are buying back stocks to close out their positions in stock index futures. Shares of major banks and carmakers, in addition to other blue chips, advanced across the board, largely due to the favorable supply-demand balance for stocks, thanks to window dressing. Stocks continued to gain ground midway through the afternoon session, spurred by efforts to buy stock index futures. The trading value on the first section of the Tokyo Stock Exchange reached approximately 1 trillion yen on a preliminary basis, topping that level for the first time in two days.