Total 23 issues of 33 industry category of Topix index were in positive territory, with Mining, Securities & Commodities Futures, Iron & Steel, Real Estate, Nonferrous Metals, and Glass & Ceramics Products issues being notable gainers, while Electric Power & Gas, Other Products, Air Transportation, Information & Communication, and Foods issues were notable losers.
Investor sentiment around the world was brightened by Gilead Sciences Inc.'s announcement that preliminary results of a coronavirus drug trial showed at least 50% of patients treated with a five-day dosage of remdesivir improved and more than half were discharged from the hospital within two weeks. Later Wednesday, White House health advisor Dr. Anthony Fauci said NIAID's remdesivir drug trial, which enrolled about 800 patients, showed quite good news and that the drug would set a new standard of care for Covid-19 patients. Globally, the coronavirus pandemic has infected more than 3.1 million and taken at least 226,771 lives, according to data compiled by John Hopkins University.
Players also took heart from France's strategy for lifting from May 11 in steps its nationwide lockdown aimed at tackling the deadly virus. In addition, investors welcomed the U.S. Federal Reserve's decision to maintain its accommodative policy during a two-day Federal Open Market Committee meeting through Wednesday.
Chipmaking gear manufacturer Tokyo Electron and technology and entertainment giant Sony went up along with other export-oriented issues. Oil stocks, including Inpex and JXTG, attracted buying following the New York sweet crude oil market's sharp recovery. Among other winners were clothing store chain Fast Retailing and convenience store operator FamilyMart. On the other hand, Kobayashi Pharmaceutical plunged 8.81% after its January to March operating profit failed to beat a market consensus.
ECONOMIC NEWS: Japan Industrial Production Falls 3.7% On Month In March- Japan industrial production fell a seasonally adjusted 3.7% on month in March, the Ministry of Economy, Trade and Industry said on Thursday, following the 0.3% fall in February. On a yearly basis, industrial production was down 5.2% following the 5.7% gain in the previous month. Upon the release of the data, the METI downgraded its assessment of industrial production to say that it is declining. Shipments were down 5% on month and 5.7% on year, while inventories gained 1.9% on month and 2.9% on year. The inventory ration jumped 8.5% on month and 12.8% on year. According to the METI's forecast for industrial production, output is expected to rise 1.4% on month in April and then fall 1.4% in May.
Japan Retail Sales Down 4.6% On Year In March- Japan retail sales were down 4.6% on year in March, the Ministry of Economy, Trade and Industry said on Thursday, following the downwardly revised 1.6% increase in February. Sales from large retails plummeted an annual 10.1%, following the 0.2% increase in the previous month. On a monthly basis, retail sales skidded 4.5% following the upwardly revised 0.6% increase a month earlier.
CURRENCY: The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 99.584 after seeing levels above 100 earlier this week. The Japanese yen traded at 106.56 per dollar, stronger than levels above 107 seen earlier in the trading week.
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