Tokyo stocks surge on hopes of US tax reforms

Investors await outcome of Trump-Abe talks on trade issues

Tokyo stocks surged on Friday with the benchmark Nikkei index advancing 2.49 percent as market mood was buoyed by hopes that US President Donald Trump will come through with his planned huge overhaul of business taxes in the United States.

The 225-issue Nikkei Stock Average gained 471.26 points from Thursday to finish at 19,378.93, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange added 33.01 points, or 2.18 percent, to close at 1,546.56. Gains were extended towards the end of play in a positive day of buying with the yen's late slide and Trump's remarks in a meeting of airline executives that "phenomenal" tax reforms were on the way imminently contributing to buying. Trump said that he would roll out plans aimed at reducing the overall tax burden of US businesses and said that within the next month there would be an announcement made that would be "phenomenal" in terms of tax.