Japan Stocks rebound on bargain hunting

Japan share market finished session higher on Tuesday, 18 May 2021, as investors chased for bargain following the previous day's decline. Meanwhile, Taiwanese market's powerful rally and a rise in U.S. index futures in off-hours trading helped to underpin market sentiments.

At closing bell, the 225-issue Nikkei Stock Average advanced 582.01 points, or 2.09%, to 28,406.84. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 4.56 points, or 0.24%, to 1,878.86.

Total 30 sub-indexes of the 33 sector sub-indexes on the Tokyo exchange traded higher, with Iron & Steel, Insurance, Nonferrous Metals, Mining, Precision Instruments, Services, and Marine Transportation sectors being notable gainers, while Electric Power & Gas and Pulp & Paper sectors were notable losers.

ECONOMIC NEWS: Japan GDP Contracts 5.1% In Q1 -Japan's gross domestic product shrunk an annualized 5.1% in the first quarter of 2021, the Cabinet Office said in Tuesday's preliminary report, following the downwardly revised 11.6% increase in the previous three months (originally 11.7%). On a quarterly basis, GDP sank 1.3%, following the 2.8% increase in the three months prior.

CURRENCY NEWS: The US dollar eased to around 109.00 yen in Tokyo trading on Tuesday. At 5 p.m., the dollar stood at 108.97 yen, down from 109.24 yen on Monday. The euro was at 132.96 yen, up from 132.58 yen.

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