JAPAN TODAY


 

Tokyo stocks finished higher Friday, lifting the Nikkei index to its highest level in 29 years after another surge on Wall Street overnight and solid earnings reports by some blue-chip Japanese companies.

The 225-issue Nikkei Stock Average ended up 219.95 points, or 0.91 percent, from Thursday at 24,325.23, its highest close since Nov 13, 1991.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 8.55 points, or 0.52 percent, higher at 1,658.49.
Gainers were led by iron and steel, marine transportation and electric appliance issues.

The U.S. dollar moved around the mid-103 yen range after retreating to an eight-month low overnight as investors flocked to the perceived safe-haven asset amid concerns over U.S. President Donald Trump's pursuit of legal action related to the handling of presidential election voting in some states.

Tokyo shares extended gains, tracking an overnight rise in U.S. shares on easing concerns over corporate tax hikes and tighter regulations on global tech giants as more results from the U.S. presidential and congressional election trickled in.

"The market was also lifted by a broad buying in companies that were able to adapt to the new life with the coronavirus and reported robust earnings," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co.

Fujito said more investment funds were flowing to stock markets globally, as further monetary easing measures were expected in the United States and Europe amid a resurgence in coronavirus infections.

On the First Section, advancing issues outnumbered decliners 1,367 to 714, while 98 ended unchanged.

Kobe Steel jumped 48 yen, or 11.6 percent, to 461 yen, a day after the company said it now expects a narrower net loss than its previous forecast for the current fiscal year to March.

Air conditioner maker Daikin Industries surged 1,150 yen, or 5.4 percent, to 22,285 yen, and medical equipment maker Terumo climbed 121 yen, or 3.0 percent, to 4,132 yen after they revised upward on Thursday their net profit forecast for the year through March.

Trading volume on the main section fell to 1,232.12 million shares from Thursday's 1,344.74 million shares.


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