Japan Nikkei rebounds as virus fears recede

Japan share market finished session sharp higher on Tuesday, 07 December 2021, recouping some of the losses in the previous session, as investors chased for bargain hunting on following the broadly positive cues from Wall Street overnight. Meanwhile, market sentiments also boosted up on easing concerns about the Omicron variant of the coronavirus after indications the new strain causes milder symptoms.

At closing bell, the 225-issue Nikkei Stock Average advanced 528.23 points, or 1.89%, to 28,455.60. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 42.31 points, or 2.17%, to 1,989.86.

Total 32 of 33 Topix industry groups ended up, with top performing issues were Air Transportation (up 4.2%), Marine Transportation (up 4%), Metal Products (up 3.4%), Glass & Ceramics Products (up 3.4%), and Iron & Steel (up 3.4%) issues.

 

Shares of automakers gained, with Toyota Motor Corp up 1.9%, after it said it will build a new $1.29 billion automotive battery-manufacturing plant in North Carolina in the US, planning to start output in 2025. Honda Motor CO gained 2.2% and Nissan Motor Co added 3.5%.

Rakuten Group Inc shares was up 2.2% after Japan's Fair Trade Commission said it had ended a probe over a blanket free shipping policy, with the firm saying it had amended the rule.

ECONOMIC NEWS: Japan Household Spending Dips 0.6% On Year In October- Japan average of household spending was down 0.6% on year in October, the Ministry of Internal Affairs and Communications said on Tuesday, coming in at 281,996 yen and following the 1.9% annual drop in September. On a monthly basis, household spending improved 3.4%, down from 5% in the previous month.

CURRENCY NEWS: The Japanese yen traded at 113.62 per dollar, continuing to weaken since yesterday

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