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Nikkei 225 Up 8.0% in Second Day of Large Gains, Yen Softer

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Last updated: 03/25/2020 06:26:09

06:26 AM EDT, 03/25/2020 (MT Newswires) -- The Nikkei 225 opened higher and gained in trading Wednesday, finishing up 8.0% as investors anticipated pending central bank and fiscal stimulus in Tokyo and Washington. The index surged in the late afternoon, after news that the Trump Administration reached a deal with the US Congress on a fiscal stimulus package. For the second trading day in a row, Tokyo investors shrugged off the COVID-19 specter, the pandemic that has infected 434,048 and left 18,947 dead. Japan is something of an oasis in the grim COVID-19 saga, with a reported 1,193 cases and 43 fatalities in a nation of 127 million. In other news, Prime Minister Shinzo Abe agreed to suspend for one year the 2020 Tokyo Olympic Games and the yen softened against the US dollar, regarded as a positive in export-oriented Japan.

The Nikkei 225 rose 1,454.28 to 19,546.63, as gaining issues outnumbered losers 223 to two.

Leading the upside were real-state outfit Tokyo Fudosan (TTUUF, 3289:Tokyo), up 19.8%, followed by Sumitomo Realty & Development (SURDF, 8830:Tokyo), up 19.7%, and then property-concern Tokyo Tatemono (TYTMF, 8804:Tokyo), up 16.9%.

The entire downside was represented by materials-and-textiles maker Unitika (3103;Tokyo), off 1.5%, and then Chugai Pharmaceutical (CHGCF, 4519:Tokyo), off 1.0%.

The delay of the 2020 Olympics could cost Japan's economy $6.3 billion, after the government has spent $9.0 billion on infrastructure related to the games, reported The Nikkei Asian Review.

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