Japan Nikkei closes higher

Japan shares advanced on Wednesday, 23 December 2020, as investor sentiments boosted up by optimism that a new $900 billion relief package will help boost the U.S. economy. However, market gains were limited amid concerns over the new coronavirus variant.

At closing bell, the 225-issue Nikkei Stock Average added 88.40 points, or 0.33%, to 26,524.79. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 4.09 points, or 0.23%, to 1,765.21.

In economic news, members of the Bank of Japan's monetary policy meeting said that the country's economy is starting to show signs of recovery following the lengthy COVID-19 shutdown, minutes from the central bank's meeting on October 28 and 29 revealed. The minutes also showed that further coordination of fiscal and monetary policy may be necessary as employment and income remained at low levels due to the shutdown. The country also slipped back into deflation after finally shaking off more than a decade's worth of it not that long ago.

Japan Future Economic Activity Indicates Improvement In October - Japan's leading index, which measures the future economic activity, rose to 94.3 in October from 93.3 in September, final data from the Cabinet Office showed on Wednesday. In the initial estimate, the reading was 93.8. The coincident index increased to 89.4 in October from 84.8 in the previous month. According to the initial estimate, the reading was 89.7. The lagging index rose to 91.2 in October versus 89.9 in the initial estimate. In September, the reading was 91.7.

CURRENCY NEWS: The Japanese yen traded at 103.40 per dollar, still stronger than levels above 104 seen last week.

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