Japan shares recover on U.S. stimulus hopes

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

TOKYO, Oct 21 (Reuters) - Japanese shares on Wednesday recovered from losses in the previous session as optimism that U.S. lawmakers could reach an agreement on a pre-election stimulus package lifted riskier assets.

The benchmark Nikkei share average .N225 rose 0.47% to 23,676.90 by the midday break, erasing all of Tuesday's losses with 197 advancers on the index against 23 decliners. The broader Topix .TOPX gained 0.89% to 1,640.16.

Highly cyclical miners .IMING.T , shippers .ISHIP.T and iron and steel .ISTEL.T were the three top performers on the main bourse.

With just two weeks until the U.S. presidential election, lawmakers moved closer to agreement on a new coronavirus relief package as President Donald Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party. news helped Wall Street finish higher overnight and buoyed sentiment in Asia. MKTS/GLOB

Among the top gainers in Japan, Shimachu 8184.T soared around 13% after furniture retailer Nitori Holdings 9843.T said it may bid for the home improvement retailer, threatening a tender offer for the company by its bigger rival DCM Holdings Co 3050.T . and DCM were down 0.18% and 6.54%, respectively.

Shares of ANA Holdings 9202.T reversed course to trade down 0.13% after Kyodo News reported the coronavirus-battered airline operator is expected to suffer a net loss of 530 billion yen ($5 billion) for the fiscal year ending in March. Bio Inc 4974.T jumped 6.51% after the Japanese biotechnology company lifted its net profit forecast for the six months ended Sept. 30. Corp 7419.T gained 6.49% after upgrading its net profit outlook for the fiscal year ending in March. Mothers Index .MTHR of start-up firm shares gained 1.25%.

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