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Japanese stocks rose at the close on Wednesday, due to optimism about the possibility of US lawmakers reaching an agreement on a stimulus package ahead of the presidential election, which boosted the world’s riskier assets. The Nikkei index rose 0.31% to close at 23,639.46 points, recouping some of the losses it incurred on Tuesday, with 188 stocks climbing on the index, against a 35-point decline.
The broader TOPIX index rose 0.73% to 1,637.60 points. 31 sub-indices of the 33 sectors of the Tokyo Stock Exchange ended the session higher.
Shares in the iron and steel, mining and shipping sectors linked to the economic cycle were the best performers on the main bourse.
Just two weeks before the US presidential election, US lawmakers came close to concluding an agreement on a new package to mitigate the repercussions of the Corona pandemic on the economy, as President Donald Trump said he would accept a larger aid bill despite opposition from his Republican party.
The news pushed Wall Street higher at the close and boosted sentiment in Asia.
On the Tokyo Stock Exchange, Shimachu shares rose 14.54%, just below its daily maximum, after Furniture Trading Company, Nitori Holdings, said it might bid to buy the company working in the home development business, threatening an offer from DCM Holdings.
Nitori fell 1.63%, while DCM fell 6.81%.
ANA Holdings rose 1.73% despite reports indicating that the airline operator affected by the Corona pandemic is expected to suffer a net loss of 530 billion yen (five billion dollars) in the fiscal year ending in March 2021. The company said. After the market closes, the outlook is uncertain.
Takara Bio jumped 5.42% after the biotech firm raised its net profit forecast for the six months ending Sept 30.
Nojima Corp. rose 7.31% after the company updated its net profit forecast for the fiscal year ending in March 2021.
