Japan Market climbs on IMF economic growth upgrade

Japan share market finished session higher on Wednesday, 27 January 2021, as investor sentiment was bolstered by the International Monetary Fund upgrade of growth estimates for Japan and the global economy. Meanwhile, continued hopes for upbeat corporate earnings from major domestic firms also improved investor sentiment.

At closing bell, the 225-issue Nikkei Stock Average advanced 89.03 points, or 0.31%, to 28,635.21. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 12.07 points, or 0.65%, to 1,860.07

In its latest World Economic Outlook published Tuesday, the IMF now expects the global economy to grow 5.5% this year. That's a 0.3 percentage point increase from October's forecasts.

Shares of material manufacturer Nitto Denko soared 7.2% after the company upgraded its operating and net profit outlook to 90 billion yen for the business year through March.

Shares of real estate company Hulic advanced 11.2% after a news report that the company saw a 15 percent year-on-year rise in group operating profit for the year through December.

Shionogi & Co gained 1.1% after the drug maker said it sold the development and marketing rights for a COVID-19 treatment to California-based biotech BioAge Labs Inc.

Energy and environment services firm Japan Asia Group was priced at a limit high of 1,090 yen after the shares were untraded on a glut of buy orders as U.S. buyout fund Carlyle Group increased its offer.

CURRENCY NEWS: The Japanese yen traded at 103.66 per dollar, weaker than levels below 103.5 against the greenback seen last week

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