TOKYO, April 14 ― Tokyo's benchmark Nikkei index jumped more than 3.1 per cent to a one-month high today as hopes for US measures to jump-start its virus-hit economy encouraged investors.
The Nikkei 225 index rose 3.13 per cent, or 595.41 points, to close at 19,638.81, the highest since March 10.
The broader Topix index gained 1.96 per cent, or 27.60 points, to 1,433.51.
“Players bought on dips, expressing hopes for a US plan to reopen its economy,” said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.
US President Donald Trump has stressed he wants to open the world's largest economy as swiftly as possible and is expected to announce a plan this week on how to jump-start stalled business.
Buying accelerated in late trading due to gains in US stock index futures as well as better-than-expected Chinese trade figures, brokers said.
“But today's gain does not guarantee any clear sign of steady recovery as the market is still subject to any big news about coronavirus,” Horiuchi added.
The dollar fetched ¥107.65 (RM4.33) in Asian afternoon trade, against ¥107.75 in New York late yesterday.
In Tokyo, SoftBank Group jumped 5.23 per cent to ¥4,420 despite forecasting a US$7 billion net loss for the year ended March due to the negative impact of coronavirus and losses related to WeWork.
“Players have already factored in SoftBank's unfavourable figures,” Horiuchi said.
“SoftBank faced early selling pressure but players actively bought back in late trading,” he added.
Hich-tech shares were also in the green with semiconductor-testing equipment maker Advantest gaining 6.43 per cent to ¥4,715 and industrial robot maker Fanuc up 3.76 per cent to ¥15,145.
Blue-chip shares gained ground as Toyota rose 3.44 per cent to ¥6,750 and Sony climbed 1.67 per cent to ¥6,616. ― AFP
