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Japanese stocks track Wall Street higher; banks climb as U.S. regulators ease rules

Published 06/26/2020, 11:11 AM
Updated 06/26/2020, 11:20 AM

SYDNEY, June 26 (Reuters) - Japanese shares bounced back on
Friday, tracking overnight Wall Street gains, with banks leading
the rally in both markets, after U.S. banking regulators'
decision to relax some rules allayed fears over a spike in new
coronavirus cases.
The benchmark Nikkei average .N225 rose 1.0% to 22,474.65
by the midday break. For the week, it was nearly flat so far.
Wall Street's main indexes closed higher on Thursday, with
bank stocks soaring after U.S. banking regulators unveiled new
rules that will make life easier for large banks with complex
trading and investment portfolios. It helped to offset investor
jitters over alarming increases in new coronavirus cases. .N
Riding on the positive wave, shares in Tokyo-listed banks
also gained, with Mitsubishi UFJ Financial Group (MUFG) Inc
8306.T , Sumitomo Mitsui Financial Group (SMFG) Inc 8316.T
and Mizuho Financial Group Inc 8411.T rising between 1.6% and
1.9%.
The benchmark Nikkei's heavyweight SoftBank Group Corp
9984.T advanced 3.5% as the tech conglomerate said after the
market close on Thursday that it would buy back up to 5.75% of
own shares worth 500 billion yen ($4.7 billion) through March
31, 2021. The broader Topix .TOPX rose 0.8% to 1,573.57 by the
midday recess, with all but six of the 33 sector sub-indexes on
the Tokyo exchange trading higher.
Financial-related securities .ISECU.T , banking .IBNKS.T
and insurance .IINSU.T were among the top performing sector
subindexes on the main bourse.
Bucking the overall gaining trend, the index of Mothers
start-up shares .MTHR fell 1.1%, after touching its highest
level since Oct. 2, 2018 earlier in the session. = 107.1700 yen)

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