TOKYO: Tokyo stocks continued to advance Friday, as sentiment was brightened further by US President Joe Biden doubling the coronavirus vaccination goal.

The Nikkei average of 225 selected issues listed on the first section of the Tokyo Stock Exchange soared 446.82 points, or 1.56 percent, to close at 29,176.70, after rebounding by 324.36 points Thursday.

The TOPIX index of all first-section issues climbed 28.61 points, or 1.46 percent, to finish at 1,984.16, following a 26.97-point rise the previous day.

The Tokyo market shot up right after the opening bell, in the wake of all three major US stock indexes, including the Dow Jones industrial average, turning higher Thursday on Biden’s fresh pledge in his first press conference as president to administer 200 million vaccination shots in his first 100 days in office. Previously, he vowed to give 100 million jabs.

Investors also vigorously bought stocks that will go ex-dividend on Tuesday to get entitled to receive dividends for fiscal 2020, which ends the following day, brokers said.

After the initial spurt, the market saw selling pressure build up. But it regained strength in the afternoon, aided by rises in Chinese shares and Dow futures in off-hours trading.

“Biden’s new vaccination pledge fueled expectations for a global economy recovery,” said Hirohumi Yamamoto, strategist at Toyo Securities Co.

“Participants continued to buy the dip following the recent market slump,” which had weighed down the Nikkei for four straight sessions through Wednesday,  an official at a major securities firm noted.

But Yamamoto also pointed out that the market turned top-heavy after the initial buying ran its course, as investors came to sit on the fences in renewed response to US Federal Reserve Chairman Jerome Powell’s commens in a media interview that could be taken as hawkish to some extent and ahead of the release of the US jobs report for March next week.

On the TSE first section, gainers outnumbered decliners 1,781 to 350, while 62 issues were unchanged. Volume grew to 1,282 million shares from Thursday’s 1,243 million shares.

JIJI Press