Tokyo stocks close higher on tech buying amid cooling U.S. inflation data

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TOKYO, May 16 (Xinhua) — Tokyo stocks closed higher on Thursday, following Wall Street rallies after the U.S. consumer price index for April showed signs of cooling inflation which fueled hopes for interest rate cuts.

Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended up 534.53 points, or 1.39 percent, from Wednesday at 38,920.26.

The broader Topix index, meanwhile, finished 6.66 points, or 0.24 percent, higher at 2,737.54.

On the stock market, the benchmark Nikkei stayed in positive territory throughout the day, supported by gains in technology-related shares following record high closes on all three major U.S. indexes overnight, analysts said.

Market watchers here noted sentiment was buoyed after Wednesday’s U.S. data showed decelerating inflation in April, boosting the chances interest rate cuts by the Federal Reserve this year. Enditem

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