Tokyo’s benchmark Nikkei index closed up for a third consecutive session Wednesday on positive economic data and hopes for stimulus measures ahead of elections in Japan.

The Nikkei 225 index rose 1.29 percent, or 361.48 points, to 28,451.02, while the broader Topix index gained 1.02 percent, or 20.09 points, to 1,980.79.

“The market welcomed positive capital spending figures released this morning,” Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP.

Capital spending by Japanese firms rose 5.3 percent in the April-June quarter from a year earlier, the first increase in five quarters, government data showed.

“Hopes for fresh stimulus measures are also growing ahead of general elections,” Horiuchi said.

The current term of the powerful lower house runs through October 21, but there is speculation that Prime Minister Yoshihide Suga will dissolve the chamber sooner.

Suga, however, denied Wednesday he was planning for early elections given the “severe” virus situation.

Investors were focusing US employment data due on Friday, brokers said.

The dollar stood at 110.23 yen in Asian afternoon trade, compared with 110.00 yen in New York Tuesday.

In Tokyo, Sony rose 0.70 percent to 11,440 yen and Toyota rose 0.62 percent to 9,652 yen.

Some marriage-related issues gained ground after reports that Princess Mako, a niece of Emperor Naruhito, and her boyfriend Kei Komuro would marry by the end of the year.

IBJ, which operates marriage consultation services, surged 3.58 percent to 1,011 yen.

AFP