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Japanese stocks jump thanks to signs of corona’s slowdown

US, WASHINGTON (NEWS OBSERVATORY) — Japanese stocks rose on Monday, supported by a slowdown in Covid-19 deaths and new outbreaks such as New York and Italy, while the uncertainty surrounding a possible general closure in Tokyo kept some investors out of the market.

The benchmark Nikkei rose 4.2 percent to 18,576.30 points, its highest close in nearly a week, tracking strong gains for US stocks.

“The number and incidence of new Corona virus infections – that’s what matters to the market right now,” said Masahiro Ichikawa, chief strategist at Sumitomo Mitsui Asset Management.

According to media, Japanese Prime Minister Shinzo Abe will impose a state of emergency, possibly on Tuesday, in an effort to stop the spread of the Corona virus, with the number of infections exceeding one thousand cases in Tokyo alone.

The broader Topix index advanced 3.9 percent to 1,376.30 points, with all of its thirty-three sector indicators rising.

The shares of the sectors associated with the economic cycle outperformed the relatively safe ones, with the marine transport and transport equipment sectors climbing 7.1 percent and 6.1 percent, respectively.

The index of the information and communications sector increased by 5.7 percent in the hope of growing demand for data, with many working from their homes or needing them due to the pandemic.

NTT DoCoMo shares jumped 6.8 percent, while KDDI shares rose 5.8 percent and Soft Bank 7 percent.

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Article is written and prepared by our foreign editors from different countries around the world – material edited and published by News Observatory staff in our US newsroom.