Japan Market surges with eyes on politics

Japan stock market finished higher on Friday, 10 September 2021, on continued expectations new Japanese government will introduce new policies to normalize the pandemic-hit economy, with focused on Japanese politics ahead of a ruling party leadership vote after Prime Minister Yoshihide Suga has said he will not run in the LDP's September 29 leadership vote, and whoever wins will lead the party into general elections in either October or November.

At closing bell, the 225-issue Nikkei Stock Average surged 373.65 points, or 1.25%, to 30,381.84. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 26.72 points, or 1.29%, to 2,091.65.

Trading volume on the main section decreased to 1,486 million shares worth 3.93 billion yen from yesterday's 1,260 million shares worth 3.07 billion yen.

Total 29 of 33 industry groups advanced on the Topix, with top performing sectors were Securities & Commodities Futures (up 2.9%), Chemicals (up 2.1%), Metal Products (up 2.1%), Services (up 2.1%), Construction (up 2%), and Electric Appliances (up 1.8%) sectors, while worst performing sectors included Air Transportation (down 0.5%) and Electric Power & Gas (down 0.5%), and Pharmaceutical (down 0.4%) issues.

Shares of SBI Holdings soared 7.6% after reports stated it will make a tender offer for Shinsei Bank. Trade in Shinsei Bank shares was suspended following the report.

CURRENCY NEWS: The dollar hovered around upper 109 yen level on Friday. The dollar fetched 109.90 yen in Asian trade against 109.72 yen in New York late Thursday.

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