Japanese stocks rise on U.S. stimulus optimism

  • Reuters
  • Stock Market News
Japanese stocks rise on U.S. stimulus optimism
Credit: © Reuters.

TOKYO, Oct 21 (Reuters) - Japanese shares closed higher on Wednesday as optimism that U.S. lawmakers could reach an agreement on a pre-election stimulus package lifted riskier assets globally.

The benchmark Nikkei share average .N225 settled 0.31% higher at 23,639.46, erasing some of Tuesday's losses with 188 advancers on the index against 35 decliners. The broader Topix .TOPX gained 0.73% to 1,637.60.

All but two of the 33 sector sub-indexes on the Tokyo exchange finished higher. Cyclical iron and steel .ISTEL.T , miners .IMING.T and shippers .ISHIP.T were the three top performers on the main bourse.

Analysts said a rise in U.S. stock futures during Asian trade created a tailwind for the market. E-mini futures for the S&P 500 EScv1 were last up 0.47%.

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 gainers in Japan, Shimachu 8184.T soared by 14.54%, shy of its daily limit, after furniture retailer Nitori Holdings 9843.T said it may bid for the home improvement retailer, threatening a tender offer by DCM Holdings 3050.T . and DCM were down 1.63% and 6.81%, respectively.

Shares of ANA Holdings 9202.T ended 1.73% higher, despite reports that the coronavirus-battered airline operator was expected to post a net loss of 530 billion yen ($5 billion) for the fiscal year ending in March 2021. ANA said after market hours that the forecast was undecided. Bio Inc 4974.T jumped 5.42% after the biotechnology company lifted its net profit forecast for the six months ended Sept. 30. Corp 7419.T gained 7.31% after upgrading its net profit outlook for the fiscal year ending in March 2021. Mothers Index .MTHR of start-up firm shares reversed course to close 0.48% lower.

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