Japanese stocks closed near a week’s high on Tuesday, as risk appetite improved after US President Donald Trump returned to the White House after receiving hospital treatment for COVID-19, reducing concerns about political uncertainty.
The Nikkei benchmark index rose 0.52 percent to 23,433.73 points, while the broader Topix index gained 0.52 percent to 1645.75 points. The two indicators have not recorded these levels since September 30.
Investors tracked the positive closure of Wall Street last night, when major indices rose strongly thanks to stimulus hopes and the news of President Trump’s return to the White House after three nights spent in hospital.
Japanese technology and semiconductor stocks rose, as they benefited from the Nasdaq index’s rise of more than two percent last night.
Shares of SoftBank Group climbed 2.41 percent, while Disco Corp. closed 1.74 percent higher.
Panasonic gained more than 2 percent and Toyota Motor shares closed 0.71 percent higher after their joint battery venture said it would establish a production line in western Japan to make lithium-ion power units for hybrid cars starting in 2022.
Among the stocks that outperformed the rest of the market was Hino Motors, which jumped 6.36 percent after Toyota said on Monday that the two companies would jointly develop a heavy-duty fuel cell electric truck for the North American market.
Shares in Japan Stock Exchange Group, which owns the Tokyo Stock Exchange, fell 3.29 percent after the exchange said it had appointed four external board members to a committee to investigate a trading holiday last week.
Fujitsu Systems Development also fell 0.7 percent as the company continues to examine the cause of the malfunction.
(Reuters)
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