Japan Nikkei extends gain for fourth straight session

The Japan share market finished session higher for a fourth straight session on Wednesday, 27 November 2019, on the back of Wall Street's record closing highs overnight after reports that the long-running US-China trade talks on track to finalise a "phase one agreement." The yen's weakening against the dollar also supported the Tokyo market. At closing bell, the 225-issue Nikkei Stock Average advanced 64.45 points, or 0.28%, to 23,437.77, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange added 5.27 points, or 0.31%, at 1,710.98.

Total 27 issues of the 33 industry category of Topix index inclined into positive territory, with Mining, Nonferrous Metals, Electric Power & Gas, Pulp & Paper, Glass & Ceramics Products, and Machinery issues being notable gainers, while Other Financial Business, Insurance, and Land Transportation issues were notable losers.

 

Sentiment was brightened by comments by US President Donald Trump on Tuesday that Washington was in the "final throes" of work on a deal that would defuse a 16-month trade war with Beijing. Trump's optimistic comments came one day after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.

Aska Pharmaceutical jumped after announcing progress on the ongoing clinical trial for a new uterine fibroids medicine in Japan.

Drug wholesaler Alfresa and Medipal fell on reports that the Japan Fair Trade Commission raided their headquarters and other places on bid-rigging charges.

CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, depreciated against greenback, as safe-haven demand waned. The Japanese yen traded at 109.16 against the dollar after weakening from levels around 108.9 yesterday.

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