Japan's Nikkei rises following Wall Street's record high

  • Reuters
  • Stock Market News
Japan's Nikkei rises following Wall Street's record high
Credit: © Reuters.

TOKYO, Jan 21 (Reuters) - Japanese shares advanced, tracking U.S. stocks which rose to record highs as Joe Biden was sworn in as the 46th U.S. president, while sentiment was also buoyed on hopes for better Japanese corporate earnings.

Nikkei share average .N225 rose 0.81% to 28,755.68 as of 0141 GMT, while the broader Topix .TOPX rose 0.67% to 1,861.82.

"The market rose on expectations for more stimulus packages in the U.S.," said Yoshihiro Takeshige, general manager at investment management department of Asahi Life Asset Management.

"Another positive factor is that Japanese manufacturers could revise up their earnings forecast, particularly those benefiting from a recovery of Chinese economy."

Wall Street's main indexes rose to record highs on hopes that Biden would put in place further economic stimulus to offset damage wreaked by the COVID-19 pandemic.

Many companies are lined up for reporting their quarterly results starting from Monday. Nidec Corp 6594.T , which has risen more than 9% this month, is one of the first to announce the results.

Dentsu Group 4324.T. jumped 5.43%, becoming the largest gainer in the index, after a report that the advertising giant is considering the sale of its Tokyo headquarters, which local media said could fetch around 300 billion yen ($2.9 billion) 6752.T jumped 4.11% after a report that the company is set to sell vaccine refrigerators.

SoftBank Group rose 3.77% to a record high after Alibaba (NYSE: BABA ) Group's American Depositary Receipts rose following a video reappearance of its founder Jack Ma. largest losers were Screen Holdings 7735.T , which fell 2.14 %, followed by Kawasaki Heavy Industries 7012.T losing 2.07 % and AGC 5201.T falling 1.91 %. ($1 = 103.6100 yen)

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