Japan Market gains on bargain hunting

Japan share market finished session sharp higher on Monday, 01 February 2021, as investors chased for bottom fishing across the board after the benchmark Nikkei stock index's sharp declines last week. Meanwhile, better than expected earnings reports from domestic firms also underpinned market mood.

At closing bell, the 225-issue Nikkei Stock Average advanced 427.66 points, or 1.55%, to 28,091.05. The broader Topix index of all First Section issues on the Tokyo Stock Exchange 21.06 points, or 1.16%, to 1,829.84.

NEC jumped 12.8%, after announcing an almost 6% increase in its nine-month operating profit.

Toilet maker Toto was up 12.4%, after raising its profit outlook on strong demand from its Chinese and U.S. markets.

Nintendo added 3.4%, on hopes for solid profits, before announcing its earnings report later Monday.

Electronic component makers Murata and TDK, meanwhile, dropped 3.3% and 4.7% respectively as their upbeat earnings had already been priced in by investors.

CURRENCY NEWS: The Japanese yen traded at 104.69 per dollar following its weakening last week from levels below 104 against the greenback.

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