Japanese stocks rise to a week's high on hopes of coronavirus slowdown, Wall St rally

SYDNEY, April 7 (Reuters) - Tokyo shares gained on Tuesday,
supported by tentative signs of the coronavirus crisis likely
levelling off in New York and other global hot spots, with
long-only investors still awaiting details of Japan's massive
economic stimulus package.
The benchmark Nikkei average .N225 rose 1.3% to 18,808.53
by the midday break, its highest level since March 31, tracking
sharp gains in Wall Street stocks overnight.
U.S. stocks rallied on Monday, with the S&P 500 .SPX , Dow
Jones Industrial Average .DJI , and Nasdaq Composite .IXIC
all rallying more than 7%, encouraged by the slowing death toll
from the virus in global hot spots, including New York and
Italy. .N
The broader Topix .TOPX rose 1.2% to 1,392.99, with nearly
four-fifths of the 33 sector sub-indexes on the exchange trading
in positive territory.
Stocks that were battered more in recent weeks fared better
on Tuesday.
Tokyo Electron Ltd 8035.T climbed 5.1% and Advantest Corp
6857.T soared 10.4% after U.S. Philadelphia semiconductor
index .SOX jumped 10.4% overnight. Samsung Electronics Co
Ltd's 005930.KS better-than-expected profit also provided a
tailwind. However, traders said it is just a short-covering rally and
lacks conviction.
Many long-term investors are waiting for the details of
Japan's $1-trillion economic stimulus package, analysts said.
The government is planning to finalise a massive stimulus
package worth 108 trillion yen - equal to 20% of Japan's
economic output - to cushion the heavy impact of the pandemic on
the world's third-largest economy. Prime Minister Shinzo Abe will hold a news conference at 7
p.m. (1000 GMT), after seeking formal advice on declaring the
emergency from a panel of experts.
Abe is also set to announce a state of emergency on Tuesday
for the capital, Tokyo, and six other prefectures to stem a
worrying rise in coronavirus infections in major population
centres.
Elsewhere, Takeda Pharmaceutical Co Ltd 4502.T advanced
3.1% on the news that blood products giant CSL Behring has
joined forces with the Japanese drugmaker to develop a COVID-19
plasma treatment.