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Japan's Nikkei rises following Wall Street's record high

Published 21/01/2021, 03:17
Updated 21/01/2021, 03:18
© Reuters.

© Reuters.

TOKYO, Jan 21 (Reuters) - Japanese shares advanced, tracking
U.S. stocks which rose to record highs as Joe Biden was sworn in
as the 46th U.S. president, while sentiment was also buoyed on
hopes for better Japanese corporate earnings.
Nikkei share average .N225 rose 0.81% to 28,755.68 as of
0141 GMT, while the broader Topix .TOPX rose 0.67% to
1,861.82.
"The market rose on expectations for more stimulus packages
in the U.S.," said Yoshihiro Takeshige, general manager at
investment management department of Asahi Life Asset Management.

"Another positive factor is that Japanese manufacturers
could revise up their earnings forecast, particularly those
benefiting from a recovery of Chinese economy."
Wall Street's main indexes rose to record highs on hopes
that Biden would put in place further economic stimulus to
offset damage wreaked by the COVID-19 pandemic.
Many companies are lined up for reporting their quarterly
results starting from Monday. Nidec Corp 6594.T , which has
risen more than 9% this month, is one of the first to announce
the results.
Dentsu Group 4324.T. jumped 5.43%, becoming the largest
gainer in the index, after a report that the advertising giant
is considering the sale of its Tokyo headquarters, which local
media said could fetch around 300 billion yen ($2.9 billion)
Panasonic 6752.T jumped 4.11% after a report that the
company is set to sell vaccine refrigerators.
SoftBank Group rose 3.77% to a record high after Alibaba
Group's American Depositary Receipts rose following a video
reappearance of its founder Jack Ma. The largest losers were Screen Holdings 7735.T , which fell
2.14 %, followed by Kawasaki Heavy Industries 7012.T losing
2.07 % and AGC 5201.T falling 1.91 %.

($1 = 103.6100 yen)

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