TOKYO, Jan 25 (Reuters) - Japanese shares rose on Monday, erasing early losses, led by tech and pharma stocks as U.S. futures rose on hopes that lawmakers would soon pass a massive economic stimulus to revive growth in the world's largest economy.
"U.S. markets moved irregularly last week but investors were relieved this morning after seeing the rise in U.S. futures," said Masahiro Ichikawa, chief market strategist, Sumitomo Mitsui DS Asset Management.
Asian shares also rose as concerns over rising COVID-19 cases and delays in vaccine supplies were eclipsed by expectations of a $1.9 trillion fiscal stimulus plan to help revive the U.S. economy.
U.S. lawmakers from both parties said they had agreed that getting the COVID-19 vaccine to Americans should be a priority, but some Republicans objected to such a hefty package only a month after Congress passed a $900 billion relief measure. shares advanced in Japan, with Toshiba 6502.T surging 16.88% after the Tokyo Stock Exchange approved on Friday the electronics and infrastructure conglomerate's return to the bourse's first section. components maker Alps Alpine 6770.T jumped 6.12%, making it the biggest gainer on the Nikkei index, and camera maker Nikon 7731.T rose 5.17%.
Drugmakers rose on renewed hopes of COVID-19 vaccine roll-outs. Takeda Pharmaceutical 4502.T added 3.54% after Japan's biggest drugmaker last week announced the start of a study of Moderna Inc's MRNA.O coronavirus vaccine in the country. 4523.T rose 2.8% and Astellas Pharma 4503.T gained 2.1%.
Sumitomo Corp 8053.T rose 1.55% as local media reported the trading house would stop investing in new oil development projects as it shifts away from fossil fuels businesses.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.