Japan Nikkei closes higher on hopes for vaccine, economic recovery

Japan share market finished session higher on Wednesday, 11 November 2020, as hopes for the development of a COVID-19 vaccine lifted expectations of a swift reopening of the global economy from the novel coronavirus pandemic.

At closing bell, the 225-issue Nikkei Stock Average advanced 444.01 points, or 1.78%, to 25,349.60. The broader Topix index of all First Section issues on the Tokyo Stock Exchange inclined 28.27 points, or 1.66%, to 1,729.07.

Energy-oriented issues advanced on hopes for an economic recovery, with exploration giant Inpex adding 3.9%, while Japan Petroleum Exploration ended the day 4.1% higher.

Regional banks got a boost after the Bank of Japan (BOJ) said a day earlier it will encourage regional lenders help pandemic-hit sectors and revitalize regional economies. Shimane Bank climbed 5.6%, while Chiba Bank added 3.6%. Fukushima Bank, meanwhile, gained 2.1%, while Tsukuba Bank ended the day 4.3% higher.

 

Internet service provider DeNA was a notable winner, surging 12% after it posted robust half-year earnings.

CURRENCY NEWS: The Japanese yen traded at 105.10 per dollar, still off levels below 104.3 against the greenback seen earlier in the week.

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