Japan Stocks extend gain on firm offshore lead

The Japan share market advanced on Monday, 20 January 2020, with most sectors rising, on tracking Wall Street's solid lead late last week after the release of upbeat housing starts data for December. The majority of industry categories advanced into positive territory, with iron and steel, and air and marine transportation-linked issues being notable gainers. Around midday, the 225-issue Nikkei Stock Average rose 60.03 points, or 0.25%, to 24,101.29, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange added 9.64 points, or 0.56%, at 1,745.08.

The markets continued upward momentum on Monday, with sentiment boosted after the United States and China sealed a Phase 1 trade deal, pausing an 18-month tariff dispute that has weighed on financial markets globally.

 

ANA Holdings rose after reports All Nippon Airways is entering a comprehensive tie-up with Singapore Airlines to join forces to fend off competition in an increasingly crowded Southeast Asian market.

Sony advanced while Toshiba fell after the company reported that a subsidiary padded sales by 20 billion yen ($181 million).

CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, weakened against a basket of currencies. The dollar held steady, trading at 110.18 yen against 110.12 yen in New York on Friday afternoon.

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