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Nikkei hits 30-year high in dollar terms as stimulus hopes spur sentiment

Stock MarketsSep 03, 2020 08:54
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TOKYO, Sept 3 (Reuters) - Japan's Nikkei share average
.N225 hit a six-month high on Thursday and reached its highest
level in three decades in dollar terms, as hopes of more global
and domestic economic stimulus boosted sentiment.
Nikkei .N225 rose 0.94% to 23,465.53, its highest close
since Feb. 21. Converted to dollars, that put the index at its
highest since 1990.
"Coronavirus infections are slowing in many parts of the
world as various social distancing and hygienic measures have
been taken. So clearly, we can say the economy is improving
after a brief lull in August," said Nobuhiko Kuramochi, market
strategist at Mizuho Securities.
"The Japanese government is likely to extend support for
employment and the U.S. yield curve is not pricing in any hike
until 2024, prompting investors to buy risk assets," he added.
The broader Topix .TOPX rose 0.48% to 1,631.24, a
six-month high.
Fast Retailing 9983.T , which has a heavier weighting on
the Nikkei compared to Topix, rose 3.6% after reporting strong
domestic sales for August.
Semiconductor-related shares also climbed, with Shin-etsu
Chemical 4063.T , manufacturer of semiconductor wafers, rising
3.7% and small motor maker Nidec 6594.T gaining 1.8%.
Game maker Nintendo 7974.T rose 1.6% to a 12-year high.
Cable TV operator Sky Perfect JSAT Holdings 9412.T soared
15.7% after posting a surprise jump in profit, partly due to a
fall in costs as the cancellation of various professional sports
events led to lower payments for broadcast rights. SBI Holdings 8473.T rose 5.7% after a media report said
its president discussed a plan to extend a union on regional
banks it leads to about 10 banks.
Japan's Chief Cabinet Secretary Yoshihide Suga, who looks
set to succeed Prime Minister Shinzo Abe, said there were too
many regional banks, fanning expectations he would push for
consolidations. Fukushima Bank 8562.T jumped 21.6%, while Daito Bank
8563.T rose 10.0% and Tsukuba Bank 8338.T gained 8.4%.

Nikkei hits 30-year high in dollar terms as stimulus hopes spur sentiment
 

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