Japan Stocks rebound on bargain hunting

Japan share market finished session higher on Monday, 17 January 2022, as investors snapped up battered shares after the benchmark Nikkei index fell to its one-month low late last week, with technology shares being notable gains on following their U.S. peer higher.

Market gains were, however, limited as fears that an expected expansion of a COVID-19 quasi-state of emergency by the Japanese government would hurt the economy. The Japanese government is considering declaring a quasi-emergency for Tokyo and three nearby prefectures, expanding the measure beyond the areas already covered since 9 Jan 2022. Under the quasi-emergency, dining establishments in areas subject to the restrictions are asked to shorten their business hours, and people are requested to refrain from traveling across prefectural borders.

At closing bell, the 225-issue Nikkei Stock Average rose 209.24 points, or 0.74%, to 28,333.52. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 9.05 points, or 0.46%, to 1,986.71.

Semiconductor-related shares advanced on tracking strength in their U.S. peer. Taiyo Yuden rose 1.4% to 6,350 yen, while blue-chip Tokyo Electron advanced 0.4% to 65,510 yen.

Energy-related stocks drew buying after crude oil futures rose in New York trading late last week, with Inpex adding 3.1% to 1,123 yen, while Idemitsu Kosan was up 0.3% at 3,150 yen.

CURRENCY NEWS: The Japanese yen traded at 114.41 per dollar, compared with 114.14-24 in New York and 113.79-80 in Tokyo on Friday.

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