Why did Tokyo stocks close higher for the fifth consecutive session?

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Tokyo Stocks Conclude Fifth Consecutive Session with Gains

Tokyo stocks closed higher for a fifth consecutive session, driven by a recovery from early trading jitters and supported by gains in Chinese shares. The benchmark Nikkei 225 index saw an increase of 0.31 per cent, adding 88.21 points to finish at 28,642.19, while the broader Topix index experienced a modest rise of 0.06 per cent, gaining 1.15 points to settle at 1,920.67.
Recovery Amidst Market Fluctuations

The Nikkei index initially opened lower, influenced by declines observed in three major US stock indexes. However, it subsequently rebounded through bargain-hunting activity, indicating investor confidence in picking up stocks at lower prices. This recovery occurred despite ongoing investor attention to media reports concerning the Japanese government's potential extension of a state of emergency due to the virus.
Influence of External Market Movements and Domestic Concerns

Gains on Chinese shares provided a positive external influence on the Tokyo market. Domestically, investors were closely monitoring news about the possible extension of the virus state of emergency, which is currently in effect in Tokyo and nine other regions until the end of May, with reports suggesting a possible continuation until June 20. This situation, alongside anticipation of upcoming economic data, particularly the US ISM manufacturing figures next week, shaped investor sentiment.
Performance of Key Companies

Individual stock performances varied. Fast Retailing, the operator of Uniqlo, saw a rise of 0.52 per cent to ¥88,030, and Nintendo gained 1.10 per cent to ¥67,490. Conversely, SoftBank Group experienced a decline of 1.02 per cent to ¥8,274, and Sony fell by 0.51 per cent to ¥10,700. Among automotive stocks, Toyota advanced 0.32 per cent to ¥8,906, while Honda slid 0.99 per cent to ¥3,297 and Nissan dropped 1.01 per cent to ¥527. The US dollar traded at ¥108.81 in Asian trade, a slight shift from its New York closing rate.

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Why did Tokyo stocks close higher for the fifth consecutive session?

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