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Nikkei 225 Up 0.7% to 31-Year-High on Pandemic, New Leadership Outlooks

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Last updated: 09/14/2021 06:06:40

06:06 AM EDT, 09/14/2021 (MT Newswires) -- The Nikkei 225 opened higher on Wall Street cues and gained in trading, finishing up 0.7% on Tuesday as investors weighed the improving COVID-19 picture in Japan and the prospect of additional government stimulus from new national leadership.

The Nikkei 225 rose 222.73 to 30,670.10, the highest close since Aug. 1, 1990, as gaining issues outnumbered losers 179 to 42.

Tokyo has confirmed 1,004 new cases of COVID-19 on Tuesday, as the downward trend in new infections across the country continued. The seven-day average of new cases was 1,243.7, compared with 2,231.1 a week ago, The Japan Times reported. The country has so far fully inoculated more than 51% of its population, the report added.

Meanwhile, Prime Minister Yoshihide Suga's recent announcement that he will not run in the ruling Liberal Democratic Party's leadership race has bolstered the outlook for additional government stimulus from the succeeding administration.

Leading the upside were insurer Tokio Marine (TKOMY, 8766:Tokyo) and chemical concern Showa Denko (SHWDF, 4004:Tokyo) both up 6.2% and then former Yahoo Japan, Z Holdings (YAHOY, 4689:Tokyo), up 5.2%.

On the downside were game maker Konami (KNAMF, 9766:Tokyo), off 2.8% and then Pacific Metals (5541:Tokyo), off 2.7%.

In economic news, industrial production in July rose 11.6% from a year earlier but slipped a seasonally adjusted 1.5% from June, according to the revised figures released by the Ministry of Economy, Trade and Industry.

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