Japan Market climbs to fresh 30-year peak

Japan shares advanced on Monday, 25 January 2021, with the benchmark Nikkei 225 Index and Topix index both settling at fresh 30-year peak, as investor sentiment was bolstered by expectations of massive economic stimulus plan to help revive the US economy and hopes for solid corporate earnings reports from major domestic firms starting this week.

At closing bell, the 225-issue Nikkei Stock Average advanced 190.84 points, or 0.67%, to 28,822.29, a highest level since 3 August 1990. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 5.36 points, or 0.29%, to 1,862.

Tech shares advanced in Japan, with Toshiba surging 16.9% after the Tokyo Stock Exchange approved on Friday the electronics and infrastructure conglomerate's return to the bourse's first section. Electronic components maker Alps Alpine jumped 6.1% and camera maker Nikon rose 5.2%.

 

Shares of drugmakers advanced on renewed hopes of Covid-19 vaccine roll-outs and report that Eisai will start a clinical trial of its Alzheimer's drug next month. Takeda Pharmaceutical added 3.54% after Japan's biggest drugmaker last week announced the start of a study of Moderna Inc's coronavirus vaccine in the country. Eisai rose 2.8% and Astellas Pharma gained 2.1%.

Sumitomo Metal Mining rose for the fifth consecutive trading session, after the company announced that it had confirmed significant gold mineralization in its Canadian exploration project.

CURRENCY NEWS: The Japanese yen traded at 103.73 per dollar following levels below 103.5 against the greenback seen last week.

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