Japan Market surges on addition stimulus hopes amid pandemic

The Japan share market finished higher on Friday, 27 March 2020, as investors chased for bargain hunting on tracking U. S. and European markets higher overnight, on hopes for further easing measures from government and central banks to cushion the social and economic impact of the coronavirus pandemic. However, market gains were capped amid worries about coronavirus pandemic after request from Tokyo’s governor for residents to stay home on weekends and to do their part to help Japan’s capital in its fight against the coronavirus outbreak. At closing bell, the 225-issue Nikkei Stock Average advanced 724.83 points, or 3.88%, to 19,389.43. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 60.17 points, or 4.3%, at 1,459.49.

Total 32 out of 33 industry category of Topix index inclined into positive territory, with Precision Instruments, Electric Power & Gas, Pharmaceutical, Construction, Metal Products, Chemicals, and Wholesale Trade issues being notable gainers.

Investor sentiment got a boost from hopes that Japanese government’s to fire additional stimulus to counter the impact from the new coronavirus after the U.

S. Senate finally voted to approve a massive $2 trillion stimulus package in response to the coronavirus pandemic.

The US share market advanced for a third straight session on Thursday after the economic relief package cleared the Senate, shrugging off unprecedented spike in unemployment claims. Nearly 3.3 million Americans applied for unemployment benefits last week, easily shattering the prior record set in 1982, as layoffs and business shutdowns sweep across the country.

CURRENCY: The U. S. dollar index, which tracks the greenback against a basket of its peers, was last at 99.187 after falling from levels above 100 yesterday. The Japanese yen traded at 108.60 against the dollar after strengthening from levels above 110 yesterday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 27 2020. 13:22 IST

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