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Japanese stocks rose on Monday, erasing early losses, led by technology stocks and drugmakers as US futures rallied on hopes that lawmakers would soon pass a major economic stimulus to revive growth in the world’s largest economy.
The Nikkei index on the Tokyo Stock Exchange gained 0.67% to 28,822.29 points, after dropping 0.2% earlier, while the broader Topix index rose 0.29% to 1862 points.
Asian stocks also rose, as it beat expectations to approve a $1.9 trillion fiscal stimulus plan to contribute to the revival of the US economy, over concerns about the rise in COVID-19 infections and the delay in vaccine supplies.
Lawmakers from both the Democratic and Republican parties said they agreed that getting the Covid-19 vaccine to Americans should be a priority, but some Republicans are opposing this generous package just a month after Congress passed $900 billion in financial aid measures.
Technology shares advanced in Japan, while Toshiba shares jumped 16.88% after the Tokyo Stock Exchange agreed on Friday to return the electronics and infrastructure group to the first section of the stock exchange.
Alps Alpine Electronic Components jumped 6.12%, to become the biggest winner on the Nikkei index, and camera maker Nikon rose 5.17%.
The shares of pharmaceutical companies rose due to renewed hopes to distribute vaccines for Covid-19. And the pharmaceutical industry’s Takeda shares added 3.54% after Japan’s largest drugmaker announced last week that it had begun a study of the country’s coronavirus vaccine Moderna.
