Japanese stocks closed higher on Tuesday, with the Nikkei index hitting a five-month high, and investors are hopeful that recovery can be triggered by better measures to deal with the new crisis and its economic consequences.
The Nikkei index rose 0.86 percent to close at 29,916.14 points, touching 30,000 points for the first time since April ninth. The broader Topix index is up 1.09 percent at 2,063.38 points.
Nikkei has been gaining ground in the seventh consecutive session since the beginning of November, when Joe Biden won the US presidential election.
This upward trend was exacerbated by the sudden announcement by Prime Minister Yoshihide Suka on Friday that he would not be re-elected as LTTE leader this month.
The magazine said Fumio Kishida, a strong contender for Suka’s success, had called for more than 30 trillion yen ($ 273 billion) incentives to mitigate the economic impact of the epidemic.
“This momentum will continue until we see signs that the ruling coalition will win the general election,” said Shigetoshi Kamata, general manager of research at the Dacipana Bonds. If vaccine rates continue to rise and new infections continue to decline, this will support the market as well.
Shares of Softbank Group rose 9.86 percent.
Shares of robot maker Murada Production and Keynes rose 5.5 percent and 4.91 percent, respectively, after announcing the addition of the Nikkei 225 to the index next month.
Nintendo, which joins the flagship index, is up 0.98 percent.
(Reuters)