TOKYO, Feb 8 (Reuters) - Japanese shares surged on Monday,with both Nikkei and Topix hitting 30-year highs, as strongcorporate earnings lifted investor confidence for an economicrecovery from pandemic lows.
The Nikkei share average jumped 2.12% to 29,388.50,the highest level since August 1990, while the broader Topixrose 1.75% to 1,923.95, the highest since June 1991.
That sent the total market value of companies listed on theTokyo Stock Exchange's main board to a record high of 712trillion yen ($6.75 trillion), according to the exchange.
"With the vaccine rollouts and the fall in the number ofdaily COVID-19 infections, expectations for normalization of theeconomy is rising," said Soichiro Matsumoto, chief investmentofficer Japan at Credit Suisse Private Banking.
"Better-than-expected corporate performance in thisenvironment is also lifting sentiment. Many U.S. firms havereported upbeat results and Japanese companies, particularlythose sensitive to overseas demand, are following suit."
The S&P 500 and Nasdaq indexes on Friday scored theirbiggest weekly percentage gains since early November, powered byearnings optimism and progress on vaccine rollouts, whileDemocrats cleared the path for the approval of President JoeBiden's $1.9 trillion COVID-19 relief package.
At home, Kobe Steel surged 17.47% to lead gains onNikkei after raising its full-year outlook, while Nippon Steeljumped 10.04% after trimming its annual net lossforecast. JFE Holdings rose 6.57%.
Toyota Motor gained 1.45% ahead of its earningsreport on Tuesday.
Railway shares continued to gain, with Odakyu ElectricRailway jumping 3.79%, Keio rising 3.88% andEast Japan Railway gaining 4.85%.
The stocks that gained the most among the top 30 core Topixnames were SoftBank Group, up 4.45 %, followed byDaikin Industries, which rose 4.38%.
The underperformers among the Topix 30 were Sony,down 2.85%, followed by Takeda Pharmaceutical, whichfell 0.76%.
($1 = 105.5100 yen)(Reporting by Junko Fujita; Editing by Devika Syamnath)
The Link LonkFebruary 08, 2021 at 01:50PM
https://finance.yahoo.com/news/japanese-shares-hit-fresh-30-065050299.html
Japanese shares hit fresh 30-year high on recovery hopes, earnings boost - Yahoo Finance
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