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Japanese stocks gain on reopening hopes

Published 05/25/2020, 11:23 AM
Updated 05/25/2020, 11:30 AM
JP225
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TOPX
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4901
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IAIRL.T
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IRLTY.T
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ISTEL.T
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MTHR
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SYDNEY, May 25 (Reuters) - Japanese shares advanced on
Monday as the government looked set to end the state of
emergency in Tokyo and surrounding areas, raising hopes that the
world's third-largest economy may soon start recovering from
recession.
The benchmark Nikkei average .N225 rose 1.5% to 20,682.78
by the midday break, with cyclical stocks leading the rally.
Japan plans to hold a panel discussion later in the day to
decide whether to lift state of emergency measures in Tokyo and
four other prefectures, including the northern island of
Hokkaido, which are still under restrictions.
Getting greater Tokyo, which accounts for about one-third of
Japan's gross domestic product, back on its feet is vital to the
country's overall economic recovery.
The broader Topix .TOPX gained 1.3% to 1,496.32, with all
33 sector sub-indexes on the Tokyo exchange trading higher.
Highly cyclical air transport .IAIRL.T , iron and steel
.ISTEL.T , and real estate .IRLTY.T were the three
top-performing sector sub-indexes on the main bourse.
"It's quiet with U.S. and UK markets closed for Memorial Day
and bank holiday, respectively, but the benchmark Nikkei remains
on a short-term uptrend," said Takeo Kamai, head of executions
services at CLSA in Tokyo.
Indeed, the volume of shares traded on the main board was
valued at only 851 billion yen ($7.9 billion) by the midday
recess, well below the average value.
Fujifilm Holdings Corp 4901.T shed 3.8% after the company
refrained from providing profit projections for the current
business year through March 2021, citing uncertainties brought
on by the COVID-19 pandemic. Elsewhere, the index of Mothers .MTHR , a startup market in
the Tokyo Stock Exchange, climbed 3.2% to a level unseen since
April 2019.

($1 = 107.6600 yen)

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