You are here: Home » News-CM » International » Market Report
Business Standard

Japan Nikkei settles near 30 years peak on US stimulus hopes

Capital Market 

Japan shares advanced on Friday, 08 January 2021, with the benchmark Nikkei stock index settling at its highest level in more than 30 years, as risk-on sentiment continued on mirroring firm global cues after lawmakers certified President-elect Joe Biden's victory, giving Democrats control of the House, Senate and the White House. Markets bet a new Democratic-controlled government would lead to heavy spending and borrowing to support the US economic recovery. Upbeat Japanese household spending data also boosted sentiment. At closing bell, the 225-issue Nikkei Stock Average advanced 648.90 points, or 2.36%, to 28,139.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 28.64 points, or 1.57%, to 1,854.94. The strength on the Tokyo market came on following gains on the Wall Street overnight after U.

S. lawmakers certified President-elect Joe Biden's victory. The certification of Biden's victory along with Democratic victories in Georgia's Senate runoff elections will give Democrats control of the House, Senate and the White House. Traders seem optimistic a Democratic-controlled Congress will provide more coronavirus relief payments, infrastructure spending, and more generous passing of additional stimulus to get the economy back on track. In coronavirus developments, Japanese Prime Minister Yoshihide Suga declared a state of emergency in Tokyo and three other areas on Thursday in a bid to combat a rise in coronavirus infections. The World Health Organization on Thursday warned of a tipping point in the fight against the coronavirus pandemic, amid fears over more infectious variants of the virus that have contributed to a surge of infections. In economic news, the Ministry of Internal Affairs and Communications said that the average of household spending in Japan was up 1.1 percent on year in November, coming in at 278,718 yen, following the 1.9 percent increase in October. CURRENCY NEWS: The Japanese yen traded at 103.81 per dollar after weakening from levels below 103.2 against the greenback yesterday.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, January 08 2021. 13:55 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU