TOKYO, Dec 1 (Reuters) - Japan's benchmark Nikkei closed near a 29-1/2-year high on Tuesday, tracking gains in U.S. stock futures over growing optimism that major drugmakers will roll out coronavirus vaccines before year-end.
Japanese stocks got off to a bright start after Moderna Inc MRNA.O said it had applied for U.S. emergency authorization for its COVID-19 vaccine. Moderna's candidate is the second vaccine likely to win U.S. approval for a potential rollout this year. addition, Japan's government has vowed to compile a stimulus package to help the economy mitigate short-term economic impacts from a recent rise in coronavirus infections. may be some slight adjustments, but Japanese stocks won't fall very far," said Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co.
"Approval of a vaccine is a big boost. Some traders are also focused on an increase in Japanese fiscal spending."
Gains in U.S. stock futures EScv1 , up more than 0.8% in Asian trade, and strong Chinese factory activity data also bolstered Japanese shares. stocks that gained the most among the top 30 core Topix names were Fanuc Corp 6954.T , up 3.09 %, and Shin-Etsu Chemical Co Ltd 4063.T , up 2.8%.
There were 193 advancers on the Nikkei index against 30 decliners.
The volume of shares traded on the Tokyo Stock Exchange's main board .TOPX was 1.33 billion, compared to the average of 1.27 billion in the past 30 days.
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.