Japan shares end higher on fresh U.S. stimulus hopes

  • Reuters
  • Stock Market News
Japan shares end higher on fresh U.S. stimulus hopes
Credit: © Reuters.

TOKYO, Oct 19 (Reuters) - Japanese shares ended higher on Monday, tracking a gain in Wall Street futures in Asian trade, on hopes of a new U.S. coronavirus relief deal before the presidential election.

The benchmark Nikkei share average .N225 rose 1.11% to close at 23,671.13, while the broader Topix .TOPX gained 1.25% to 1,637.98.

Both of the indexes marked their biggest daily gains since Oct. 5.

All 33 sector sub-indexes on the Tokyo exchange traded higher, with shippers .ISHIP.T , rubber products .IRUBR.T and iron and steel .ISTEL.T being the top three performers on the main bourse.

Shares were lifted by S&P 500 e-mini futures EScv1 , last trading up 0.7%, after U.S. House Speaker Nancy Pelosi said she was optimistic that legislation on a wide-ranging coronavirus relief package could be pushed through before the Nov. 3 election. with Treasury Secretary Steven Mnuchin in the Middle East until Tuesday, analysts suspect a deal to be a long shot.

On the domestic data front, Japan's exports in September fell at a slower pace than in the previous six months as U.S.-bound shipments of cars started to recover from lows brought about by the COVID-19 outbreak, suggesting the pandemic's pressure on the economy was easing. shrugged off data from China showing economic recovery disappointed in the third-quarter, growing 4.9% from a year earlier and missing analyst expectations. forecasts) were high due to the market having a slight excessive expectation of a pick-up trend in China's economy," said Kokichiro Mio, senior researcher at NLI Research Institute.

Despite missing expectations, "the economy is recovering steadily," he added.

Toho Co 9602.T soared 4.47%, after hitting its highest since September 2019 earlier in the session, as the film and entertainment company raised its net profit forecast. Corp 6502.T climbed 2.55%, after the homegrown conglomerate said it aims to generate $3 billion in revenue from its quantum cryptography by 2030.

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