Japan stocks rise on hopes for economic restart

TOKYO, May 20 (Reuters) - Japanese shares gained on
Wednesday, buoyed by hopes that the government would allow
economic activity to resume in response to a decline in new
coronavirus infections.
The Nikkei index climbed 0.91% to 20,619.80 at 0153 GMT,
approaching a two-and-a-half month high, with shares in the
healthcare and technology sectors leading the advance.
Japan's government is expected to lift its state of
emergency for Osaka and Kyoto in western Japan on Thursday after
the rate of coronavirus infection fell below the government's
numerical target, domestic media have reported. The number of infections in Tokyo and its surrounding areas
is still above the government's threshold, but growth in new
cases is on a clear downtrend, suggesting the government may
also lift the state of emergency for the country's capital.
Sentiment also got a boost after the Bank of Japan said it
would hold an emergency meeting on Friday to decide the details
of a loan programme for small firms. There were 130 advancers and 90 decliners on the Nikkei
index on Wednesday.
The biggest percentage gainer in the index was electronics
maker Furukawa Electric Co Ltd 5801.T , which surged 17.49%
after posting earnings above expectations, according to
Refinitiv data. Sony Financial Holdings Inc 8729.T was the second-largest
gainer, jumping 7.75%, followed by electronic parts maker
Fujikura Ltd 5803.T , which was 5.43% higher.
Sony Financial's parent, Sony Corp 6758.T , said it will
take full control of the company through a tender offer.
The largest percentage losers in the index were chemical
products maker Denka Co Ltd 4061.T , down 4.01%, followed by
Fujifilm Holdings Corp 4901.T , which lost 3.1%, and Sony Corp
6758.T , 2.91% lower.
Shares of Fujifilm fell after a report that clinical trials
of its anti-flu drug Avigan showed it was not affective in
treating the coronavirus. The broader TOPIX index .TOPX rose 0.48% to 1,493.13.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.36 billion, compared to the average of
1.37 billion in the past 30 days.