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  • Japan stocks rise on US stimulus hopes, tech rebound on Wall St

Japan stocks rise on US stimulus hopes, tech rebound on Wall St

A woman rides a bicycle past screens showing Japan's Nikkei 225 index at a securities firm in Tokyo, Sep. 25, 2020. (File photo/AP)
A woman rides a bicycle past screens showing Japan's Nikkei 225 index at a securities firm in Tokyo, Sep. 25, 2020. (File photo/AP)
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25 Sep 2020 03:09:31 GMT9
25 Sep 2020 03:09:31 GMT9

 Japanese stocks rose on Friday, tracking tech-led strength on Wall Street overnight as hopes for more US stimulus offset some concerns about the health of the global economy.

The Nikkei 225 Index rose 0.71% to 23,251.10 by 0200 GMT. The broader Topix gained 0.59% to 1,636.03.
Democrats in the US House of Representatives are working on a $2.2 trillion coronavirus stimulus package that could be voted on next week.

As much as $380 billion from the US Congress’ last big coronavirus aid package is unused and could help households and businesses if lawmakers approve, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin said.

Japan’s high-tech shares rose, tracking overnight gains in US bellwethers such as Apple Inc, Amazon.com Inc , Nvidia Corp and Facebook Inc.

Still, some analysts warned that further upside for Japanese shares could be limited by concerns about a second wave of coronavirus cases in Europe.

Among the top 30 core Topix names, electric parts maker Keyence and automaker Toyota Motor Co gained the most, up 1.95% and 1.93%, respectively.

The biggest underperformers were East Japan Railway Co , down 2.65%, and Central Japan Railway Co, which shed 2.13%.

There were 164 advancers on the Nikkei index against 53 decliners on Friday.

For the week, the Nikkei was on course for a 0.49% decline, reflecting investors’ concerns about the economic impact of a second wave of coronavirus infections in Europe and the United States.

The volume of shares traded on the Tokyo Stock Exchange’s main board was 0.47 billion, compared with the average of 1.14 billion in the past 30 days. 

Reuters

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