Japan Nikkei extends gain

Japan shares advanced on Thursday, 24 December 2020, 23 December 2020, as investor sentiments boosted up on the back of yen depreciation against greenback and optimism about a potential Brexit deal.

At closing bell, the 225-issue Nikkei Stock Average advanced 143.56 points, or 0.54%, to 26,668.35. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 9.06 points, or 0.51%, to 1,774.27.

The major exporters were mostly rising on a weaker yen. Canon was higher by more than 1%, meanwhile Panasonic rose almost 1% and Mitsubishi Electric added 0.7%. Among automakers, Honda gained more than 1% and Toyota was up almost 1%. In the banking sector, Sumitomo Mitsui Financial added more than 2% and Mitsubishi UFJ Financial rose more than 1%.

Aeon rose 3.5% to a record high after the retailer revised its earnings outlook higher for the year to February, as consumer confidence picked up after a coronavirus-induced slump.

Heavy machinery firms gained after reports that Japan's new zero emission strategy would target a massive increase in offshore wind power. IHI rose 5.9% and Kawasaki Heavy gained 3.4%.

On the other hand, Hino Motors tumbled 12.4% after the truck maker said it would suspend production at two factories in North America until next September due to problems in U.S. engine certification testing process.

SoftBank Group dropped 1.7% after China launched an investigation into Alibaba Group for suspected monopolistic behaviour and will summon its Ant Group to meet in coming days.

CURRENCY NEWS: The Japanese yen traded at 103.57 per dollar, off levels below 103.2 against the greenback seen last week.

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