Japan Shares Closed Higher Thanks to Renewed Hopes For US Stimulus

Japanese shares closed higher on Monday, following US futures gains in Asian trade, thanks to hopes of reaching an agreement on a US program to mitigate the economic damage from the Corona virus before the presidential elections.

The benchmark Nikkei index rose 1.11% at the close to 23,671.13 points, while the broader TOPIX index rose 1.25% to 1637.98 points.

The two indices recorded the biggest daily rise since the fifth of October.

All the indexes of the thirty-three sectors of the stock exchange rose, with the largest gains in the shipping, rubber products, iron and steel sectors.

Toho shares rose 4.47%, after hitting its highest level since September earlier in the session after the film and entertainment company raised its net profit forecast.

Toshiba shares rose 2.55% after announcing it would target $ 3 billion in revenue from its quantum crypto activities by 2030.