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Japanese shares trade higher after holiday break | |
(34 minutes later) | |
Japanese shares rose on Tuesday amid gains on other Asian markets, with only Shanghai bucking the trend. | |
The Nikkei 225 was up by 0.5% at 20,749 points as trading in Tokyo resumed after a long weekend. | |
Attention focused on Toshiba after it said on Monday that a probe had found profits were massively overstated for years. | Attention focused on Toshiba after it said on Monday that a probe had found profits were massively overstated for years. |
Nevertheless, investors appeared to have a positive outlook on the company as shares rose by 2.7%. | |
In a statement to investors, Toshiba said its operating profits had been inflated by 151.8bn yen ($1.22bn, £780m). | In a statement to investors, Toshiba said its operating profits had been inflated by 151.8bn yen ($1.22bn, £780m). |
The improper accounting practices dated back to 2008 and the probe could lead to a restatement of profits, an overhaul of the board, or potential action by regulators. | The improper accounting practices dated back to 2008 and the probe could lead to a restatement of profits, an overhaul of the board, or potential action by regulators. |
Toshiba said a full report into the accounting scandal will be released later on Tuesday. | Toshiba said a full report into the accounting scandal will be released later on Tuesday. |
Inflation optimism | Inflation optimism |
Japanese investors were also able to take some positive impulse from the minutes of the Bank of Japan's last meeting. | Japanese investors were also able to take some positive impulse from the minutes of the Bank of Japan's last meeting. |
The notes show most central bank's board members were optimistic about the inflation trend continuing, confirming the central bank's stimulus efforts. | |
Meanwhile, South Korea's benchmark Kospi index was trading 0.5% higher at 2,082.96. | |
In Australia, the continued slump in commodity prices weighed on investor confidence and the ASX 200 index was flat at 5,694.70 points. | |
After falling to a five-year low on Monday, gold prices firmed up slightly though, with the precious metal edging up 0.2% to $1,099.05 an ounce. | |
In China, investors were less upbeat with the Shanghai Composite opening down 1% at 3,953 points, while Hong Kong's Hang Seng was flat at 25,413 points. |