Japan shares end near three-decade high after Trump signs stimulus bill

  • Reuters
  • Stock Market News
Japan shares end near three-decade high after Trump signs stimulus bill
Credit: © Reuters.

By Stanley White

TOKYO, Dec 28 (Reuters) - Japanese shares rose in holiday-thinned trade on Monday towards the highest in nearly three decades as investors continued to bet that U.S. fiscal stimulus and coronavirus vaccinations will quicken the global economic recovery.

The Nikkei 225 Index .N225 ended up 0.74% at 26,854.03, just shy of a 30-year high hit last week. The broader Topix .TOPX rose 0.54% to 1,788.04.

Healthcare, utilities, industrial machinery makers and technology stocks rose on expectations that the earnings outlook will improve after a tumultuous year marred by the coronavirus outbreak.

Bucking the positive mood, Sharp Corp 6753.T fell 3.03% after saying it suspects one of its subsidiaries used improper accounting techniques. President Donald Trump signed a $2.3 trillion financial aid and spending bill after initially refusing to approve the legislation, which restores unemployment benefits to millions and averts a partial federal government shutdown. launched a mass COVID-19 vaccination drive on Sunday. Vaccinations have also begun in Britain and the United States, raising hope that major economies can shake off the drag caused by the spread of the coronavirus. the economic stimulus that has come from Japan, Europe, and the United States, it is possible that the global economy will recover faster than expected next year, but this is based on the assumption that vaccinations proceed smoothly," analysts at Daiwa Securities wrote in a research memo.

The stocks that gained the most among the top 30 core Topix names were Murata Manufacturing Co Ltd 6981.T up 4.67%, followed by Daiichi Sankyo Co Ltd 4568.T gaining 2.64%.

The underperformers among the Topix 30 were Takeda Pharmaceutical Co Ltd 4502.T down 1.31%, followed by Mitsui & Co Ltd 8031.T losing 0.55%.

There were 115 advancers on the Nikkei index against 102 decliners.

The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 0.88 billion, compared to the average of 1.24 billion in the past 30 days.

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