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Budget News

  • Japan Stocks close up on US rallies
  • July 09,2020  15:00
  • Japan share market finished session higher on Thursday, 09 July 2020, on tracking overnight Wall Street gains, with expectations the Bank of Japan (BOJ) purchased exchange-traded funds (ETFs) as part of its continued easing measures helped underpin sentiment. However, market gains capped due to the yen's firmness against the U.S. dollar and on reports that the number of new coronavirus cases in Tokyo hit a single-day record.

    At closing bell, the 225-issue Nikkei Stock Average added 90.64 points, or 0.4%, to 22,529.29. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose meagre 0.01 point, or 0.00%, at 1,557.24.

    Total 23 issues of the 33 industry category of Topix index ended into red territory, with Air Transportation, Real Estate, Iron & Steel, Metal Products, and Marine Transportation issues being notable losers, while Information & Communication, Electric Power & Gas, and Securities & Commodities Futures issues were notable gainers.

    The market was supported by buying ahead of Friday's special quotation fixing to settle July option contracts and the Bank of Japan's possible ETF purchases. The BOJ decided at a June policy meeting to expand its corporate support measures to 110 trillion yen ($1 trillion) from 75 trillion yen to include new loan schemes for midsize and small companies. The decision was intended to bolster the country's ailing economy in line with the government's 31.91 trillion yen second extra budget approved by the Diet last month.

    The Japanese capital Tokyo has confirmed more than 220 new coronavirus infections, exceeding its previous record. The number reported Thursday exceeds 206 daily cases recorded on April 17 when Tokyo's infections were at their peak. Health officials say the majority of recent cases are linked to night clubs, but they are raising the alarm about an increase of infections inside households, workplaces and drinking parties. The experts also advised Tokyo to speed up efforts to expand hospital capacity and prepare for more patients expected in the coming weeks.

    ECONOMIC NEWS: Japan Core Machine Orders Up 1.7% On Month In May- Japan total value of core machine orders was up a seasonally adjusted 1.7% on month, the Cabinet Office said on Thursday coming in at 765.0 billion yen, following the 12.0% slide in April. On a yearly basis, core machine orders dropped 16.3% following the 17.7% fall in the previous month. For the second quarter of 2020, core machine orders are forecast to have fallen 0.9% on quarter and 10.4% on year.

    CURRENCY: The Japanese yen traded at 107.22 per dollar after strengthening from levels around 107.7 yesterday.

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