Japan Nikkei recovers 0.5%

The Japan share market finished session higher after recouping earlier losses on Tuesday, 04 February 2020, thanks to buybacks following a plunge the day before. At closing bell, the 225-issue Nikkei Stock Average added 112.65 points, or 0.49%, to 23,084.59, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange grew 11.58 points, or 0.69%, at 1,684.24.

Total 30 issues of the 33 industry category of Topix index advanced into positive territory, with Pulp & Paper, Other Financial Business, Air Transportation, Land Transportation, Services, and Pharmaceutical issues being notable gainers.

The market got off to a poor start despite a Wall Street rally Monday, as sentiment remained weak amid persistent concerns over the coronavirus outbreak spreading further. But buybacks gradually gathered momentum after the initial drop and pushed both indexes back into positive territory around midmorning

Panasonic soared 10.04% to 1,183.5 yen after it left its full-year earnings forecast intact despite the deadly coronavirus outbreak.

Toyota rose 0.77% to 7,639 yen on bargain-hunting following recent sharp declines.

Some China-related shares were lower, with construction machine maker Komatsu losing 1.17% to 2,389 yen, industrial robot maker Fanuc slipping 1.34% to 20,105 yen and parts maker Rohm down 0.12% at 7,910 yen.

ECOMOIC NEWS: Japan Monetary Base Up 2.9% On Year In January- Japan monetary base was up 2.9% on year to 514.132 trillion yen in January, the Bank of Japan said on Tuesday, slowing from an annual 3.2% growth in December. Banknotes in circulation and coins in circulation both rose 2.2% on year, while current account balances gained 3.1% and reserve balances climbed 2.7%. The adjusted monetary base sank 1.9% to 516.043 trillion yen after adding 0.5% in the previous month.

CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, little softer against a basket of currencies. The US dollar fetched 108.83 yen in Asian afternoon trade, against 108.68 yen in New York.

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