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Japanese shares edge higher, concerns over PM Abe's health weigh

Published 24/08/2020, 04:32
Updated 24/08/2020, 04:36
© Reuters.

TOKYO, Aug 24 (Reuters) - Japanese shares inched up on
Monday in line with gains in e-mini futures, but rising
speculations around Prime Minister Shinzo Abe's health weighed
on sentiment.
The benchmark Nikkei share average .N225 rose 0.33% to
22.996.44 by the midday break, with 105 advancers on the index
against 113 decliners.
The broader Topix .TOPX gained 0.22% to 1,607.64. About
half of the 33 sector sub-indexes on the Tokyo exchange traded
higher.
E-mini futures for the S&P 500 EScv1 rose 0.28%, which
created a tailwind to the market.
Investors were wary after Japanese Prime Minister Abe
entered a Tokyo hospital to receive a follow-up medical
examination from last week.
Last week's medical check-up lasted seven-and-a-half hours,
stoking concerns about Abe's ability to continue as leader due
to health issues and fatigue from handling the COVID-19 crisis.
Abe, already Japan's longest-serving prime minister,
surpassed a half-century-old record set by his great-uncle
Eisaku Sato for the longest consecutive tenure as premier on
Monday, adding to speculation he may resign after reaching the
milestone. Investors also await Federal Reserve Chairman Jerome
Powell's address at the Kansas City Fed Jackson Hole symposium
on Thursday for clues on the outlook for U.S. monetary policy.
The stocks that gained the most among the top 30 core Topix
names were Nintendo Co Ltd 7974.T up 4.28 %, followed by
Mitsui & Co Ltd 8031.T .
The largest percentage gainers in the index were Nissan
Chemical Corp 4021.T up 2.76%, followed by Dai-ichi Life
Holdings Inc 8750.T rising 2.73 % and Daikin Industries Ltd
6367.T up by 2.31%.


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