Japan Stocks gain on Wall Street strength

Japan share market finished session higher on Thursday, 08 October 2020, as an overnight upswing in U.S. equities on renewed hopes for U.S. stimulus measures to underpin the virus-hit economy lifted investor sentiment. Market sentiment was also supported by some better-than-expected earnings from retailers. At closing bell, the 225-issue Nikkei Stock Average advanced 224.25 points, or 0.96%, to 23,647.07. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 9 points, or 0.55%, to 1,655.47.

Total 28 issues of the 33 industry category of Topix index ended into black territory, with Marine Transportation, Iron & Steel, Services, Precision Instruments, Securities & Commodities Futures, and Chemicals issues being notable gainers, while Air Transportation, Rubber Products, and Electric Power & Gas issues were notable losers.

 

Investors took cues from Wall Street's overnight advances after a tweet by U.S. President Donald Trump stating he would support relief measures for airlines and small businesses.

Market sentiment was also supported by some better-than-expected earnings from retailers. Ahead of Japan's first-half corporate earnings season, many Japanese retailers closing books in February have started reporting their six-month results and forecasts for the full year.

Shares of high-technology issues gained on tracking overnight advances in U.S. counterparts. Screen Holdings jumped 8.3% to 6,370 yen, Advantest gained 5.4% to 5,490 yen and Tokyo Electron climbed 3.7% to 28,580 yen.

ANA Holdings lost 1.7% to 2,438.50 yen after the airline was reported to have proposed to employees a cut in pay and winter bonuses.

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