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Budget News

  • Japan Market shines on hopes for full economic restart
  • May 25,2020  10:25
  • Headline indices of the Japan share market advanced on Monday, 25 May 2020 on expectations of fully reopening of domestic economy after the government prepared plans to lift a state of emergency still in place for Tokyo and surrounding regions to fight the pandemic. Fresh optimism about a potential vaccine for COVID-19 also helped spur stocks higher. Around late afternoon, the 225-issue Nikkei Stock Average rose 294.72 points, or 1.45%, to 20,682.88. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 18.90 points, or 1.28%, at 1,496.70.

    Total 32 issues of 33 industry category of Topix index advanced, with Air Transportation, Real Estate, Services, Mining, Glass & Ceramics Products, and Iron & Steel issues being notable gainers.

    The Tokyo market commenced trading with firm footing on expectations that Japan's prime minister, Shinzo Abe, likely to end the state of emergency imposed to fight the pandemic nationwide after a panel of experts approved the plan.

    The prime minister's announcement is set to come after markets close, but the move is already being factored in. Some department stores and restaurants have already reopened, including in Tokyo, where the emergency is technically still in place.

    Japan has been gradually relaxing calls for people to stay home and for some businesses to stay closed as reports of confirmed cases of COVID-19 and related deaths have declined. Japan has reported about 820 deaths and more than 16,000 confirmed cases of the new coronavirus, relatively few compared to hard-hit nations like the U.S.

    Market gains were also supported by fresh hopes for a U.S. economic recovery in the second half of the year as the U.S. and countries around the world slowly open up again and as optimism about a potential vaccine for COVID-19.

    Fujifilm Holdings Corp shed after the company refrained from providing profit projections for the current business year through March 2021, citing uncertainties brought on by the COVID-19 pandemic.

    CURRENCY: The Japanese yen changed hands at 107.65 per dollar, strengthening from levels near 108 in the previous week.

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