Nikkei Index Profit as Coronavirus Fears Recede in Tokyo

Japanese stocks rose to the highest level in a week, following the rise in US futures, after the capital, Tokyo, reduced the level of the Coronavirus warning by one degree from its highest levels, as infections continued to decline.

The benchmark Nikkei index rose 0.74% to 23,406.49 points. For the week, the index gained 0.87%.

The broader Topix index rose 0.7% to 1636.64 points, while all sub-indices of the 33 sectors on the Tokyo Stock Exchange rose, except for four. The index made its third weekly gain.

The two indicators reached their highest levels since the third of September.

The markets opened lower in early trading, tracking down on Wall Street’s losses last night, as heavyweight US technology stocks continued their decline after a strong rebound on Wednesday.

But stocks compensated for their losses, following the rise in US futures in Asian trading.

Shares of shipping companies topped the list of the best performing sectors in the main bourse, rising 3.16%, while Meiji Shipping jumped 5% and Mitsui OSK Lines gained 3.57%.