Japan Market extends gain on lockdown-exit hopes

Japan share market finished session higher on Monday, 11 May 2020, as investor sentiment was bolstered by hopes that the Japanese government may move ahead with lifting the some coronavirus-linked restrictions in some parts of the country by the end of the week where the virus has been less prevalent. At closing bell, the 225-issue Nikkei Stock Average surged 211.57 points, or 1.05%, to 20,390.66. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 22.34 points, or 1.53%, at 1,480.62.

Total 28 issues of 33 industry category of Topix index were in positive territory, with Air Transportation, Marine Transportation, Iron & Steel, Nonferrous Metals, Textiles & Apparels, Land Transportation, and Transportation Equipment issues being notable gainers, while Securities & Commodities Futures, Pharmaceutical, and Precision Instruments issues were notable losers.

 

Broader sentiment was helped by moves by some European countries to ease virus restrictions. Japan last week extended the nationwide state of emergency until the end of May, saying it would reassess the situation on May 14 and possibly lift the measures earlier for some prefectures.

CURRENCY: The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 99.747 after seeing levels above 100 last week. The Japanese yen traded at 106.93 per dollar after weakening from levels below 106.2 last week.

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