Tokyo stocks rise in morning as concerns over Mideast conflict ease

Tokyo stocks rose sharply Tuesday morning, as concerns eased over tensions in the Middle East after U.S. President Donald Trump said Israel and Iran have agreed to a cease-fire.

The 225-issue Nikkei Stock Average rose 415.03 points, or 1.08 percent, from Monday to 38,769.12. The broader Topix index was up 21.26 points, or 0.77 percent, at 2,782.44.

The U.S. dollar weakened to the lower 145 yen range in Tokyo, sold back following Trump's announcement.

At noon, the dollar fetched 145.50-51 yen compared with 146.08-18 yen in New York and 147.32-34 yen in Tokyo at 5 p.m. Monday.

The euro was quoted at $1.1599-1602 and 168.77-82 yen against $1.1573-1583 and 169.20-30 yen in New York and $1.1498-1499 and 169.39-43 yen in Tokyo late Monday afternoon.

The Nikkei stock index briefly gained more than 600 points after Trump said on social media that Israel and Iran agreed to a total cease-fire, brokers said.

The market later trimmed its gains as the stronger yen weighed on some export-oriented issues.