Japan Stocks end higher after US rallies

Japan share market finished session higher on 31 August 2020, helped by rallies on Wall Street last Friday with solid industrial output data for July raising hopes for Japan's economic recovery from the pandemic.

At closing bell, the 225-issue Nikkei Stock Average advanced 257.11 points, or 1.12%, to 23,139.76. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 13.31 points, or 0.83%, to 1,618.18.

Total 31 issues of the 33 industry category of Topix index ended into positive territory, with Wholesale Trade, Mining, Air Transportation, Real Estate, Land Transportation, and Warehousing & Harbor Transportation Services issues being notable gainers, while Information & Communication and Insurance issues were notable losers.

 

Shares of Japanese trading firms Mitubishi Corp., Itochu Corp., Marubeni Corp., Mitsui & Co. and Sumitomo Corp. soared on Monday after Warren Buffett announced that his firm Berkshire Hathaway has acquired a slightly more than 5% stake in the companies. Shares of Mitsubishi jumped 7.7% while Itochu gained 4.2%. Marubeni soared 9.5% and Mitsui gained 7.4%, Sumitomo rose 9.1%.

CURRENCY: The dollar fetched 105.66 yen in Asian trade, higher from 105.34 yen in New York late Friday but notably lower from 106.28 yen during Tokyo hours on Friday.

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