Japan Market rebounds on buybacks

Japan share market finished session higher on Tuesday, 21 December 2021, snapping two days of losing streak, as investors chased for heavily battered stocks on hopes recent selloff was overdone and after U.S.-listed firm Micron Technology beat market expectations by delivering stronger quarterly results.

At closing bell, the 225-issue Nikkei Stock Average advanced 57 607.87 points, or 2.13%, to 27,937.81. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 28.46 points, or 1.47%, to 1,969.79.

All 33 Topix industry groups ended higher, with top five performing issues were Marine Transportation (up 3%), Securities & Commodities Futures (up 2.6%), Rubber Products (up 2.3%), Electric Appliances (up 2.3%), and Pharmaceutical (up 1.9%)

The Japanese market fell too much in the previous two sessions because of concerns about the impact of the Omicron variant, which is affecting the U.S. and Europe, in global economy

Shares of technology companies rebounded, after U.S.-listed firm Micron Technology Inc delivered stronger than expected quarterly results. SoftBank Group shares rose 1.1% after recent string of losses. Shares of Tokyo Electron jumped 4.4% while Advantest gained 4.6%.

Shares of drug makers were higher, with Shionogi & Co shares jumping 5.3% after Pharmaceutical firm has confirmed the efficacy against the Omicron variant of the novel coronavirus of its oral Covid-19 drug currently in development. Daiichi Sankyo rose 3.36%.

CURRENCY NEWS: The Japanese yen traded at 113.64 per dollar, stronger than levels above 114 seen against the greenback last week.

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