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Japan Market extends gain on fourth day

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Japan share market finished higher for the fourth consecutive session on Wednesday, 20 May 2020, as risk appetite buying underpinned on hopes the Bank of Japan (BOJ) will unroll measures to help small companies hit by the coronavirus along with expectations for a restart in economic activities in Japan. Meanwhile, slight weakening in the yen against the dollar kept the mood upbeat. At closing bell, the 225-issue Nikkei Stock Average advanced 161.70 points, or 0.79%, to 20,595.15. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 8.64 points, or 0.58%, at 1,494.69.

Total 27 issues of 33 industry category of Topix index ended in positive territory, with Nonferrous Metals, Oil & Coal Products, Construction, Air Transportation, and Pharmaceutical issues being notable gainers, while Banks, Transportation Equipment, and Pulp & Paper issues were notable losers.

Investor appetite for risk assets underpinned on hopes for a restarting of economic activities were refueled by news reports that the government may lift its state of emergency over the coronavirus epidemic in three prefectures in the Kansai region.

Investors also watched for market reaction to News report released overnight that raised concerns about the trial results for a potential coronavirus vaccine from Moderna.

Precision equipment-maker Shimadzu climbed on news report that the firm has beefed up production of X-ray equipment amid the spread of the coronavirus.

Sony Financial spurted after the Company announced that it will take full control of the insurer. On the other hand, Fujifilm Holdings dropped on reports raising doubts over the efficacy of its influenza drug Avigan on coronavirus patients in clinical trials. The drug was developed by a Fujifilm subsidiary.

ECONOMIC NEWS: Japan Core Machine Orders Slide 0.4% On Month In March - Japan core machine orders in Japan slid a seasonally adjusted 0.4% on month in March, the Cabinet Office said on Wednesday, standing at 854.7 billion yen, following the 2.3% increase in February. On a yearly basis, core machine orders sank 0.7% following the 2.3% drop in the previous month. The total value of machinery orders received by 280 manufacturers operating in Japan increased by a seasonally adjusted 3.0% on month and 0.9% on year in March at 2,289.0 billion yen.

CURRENCY: The Japanese yen traded at 107.71 per dollar after weakening from levels below 107.5 yesterday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 20 2020. 17:04 IST