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Drug makers help Nikkei scale fresh 3-decade high

Published 12/01/2021, 04:22
Updated 12/01/2021, 04:24
© Reuters.

By Junko Fujita
TOKYO, Jan 12 (Reuters) - Japan's benchmark Nikkei share
average recovered from early falls on Tuesday to hit a fresh
three-decade high, with drug makers leading the charge following
a report of another effective COVID-19 treatment.
The Nikkei 225 Index .N225 was up 0.14% at 28,177.81 by
0204 GMT, while the broader Topix .TOPX was down 0.05% to
1,853.96.
"Investors bought back stocks as soon as the market started
falling, showing the fundamental strength of demand," said
Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS
Asset Management.
"They got confidence in the market as U.S. futures rose
overnight." MKTS/GLOB .N
Chugai Pharmaceutical 4519.T surged almost 7% after a
report said one of its drugs was effective for COVID-19
treatment, helping boost the drug maker index .IPHAM.T by
1.52%.
Takeda Pharmaceutical 4502.T rose 3.22%, Eisai 4523.T
climbed 2.91%, and Shionogi & Co 4507.T added 1.51%.
Retail stocks also gained, led by a 9% surge in Ryohin
Keikaku 7453.T after the Muji retail stores operator posted a
69% jump in quarterly net profit. Lawson 2651.T rose 3.86% and
Watts Co 2735.T jumped 9.3%.
Automakers slid after Toyota Motor 7203.T and Honda Motor
7267.T said they would cut vehicle production this month due
to a shortage of semiconductors. Toyota Motor fell 1.08% and Honda Motor declined 1.35%.
Meanwhile, semiconductor shares rose on prospects of
stronger chip demand, with Tokyo Electron 8035.T adding 0.66%
and Shin-Etsu Chemical 4063.T climbing 3.13%.
The underperformers among the Topix 30 included Nippon
Telegraph and Telephone Corp 9432.T , which was down 2.17%, and
Seven & i Holdings Co Ltd 3382.T , which lost 1.58%.

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