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Japan shares end firmer as upbeat U.S. economic data lifts sentiment

Published 06/30/2020, 03:41 PM
Updated 06/30/2020, 03:50 PM
© Reuters.
USD/JPY
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JP225
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TOPX
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7201
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7267
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3402
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7408
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IAIRL.T
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ISTEL.T
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TOKYO, June 30 (Reuters) - Japanese shares ended higher on
Tuesday, as positive economic data from the United States and
China helped to end the quarter on a strong note and as
investors pinned hopes on stimulus.
The benchmark Nikkei average .N225 advanced 1.33% to
22,288.14. The benchmark gained 17.82% for the quarter.
Meanwhile, the broader Topix .TOPX climbed 0.62% to
1,558.77, both rebounding from the lowest close touched in the
previous session.
The Tokyo markets got an early boost tracking overnight
gains in Wall Street, as investors hoped for a stimulus-backed
economic rebound and after U.S. home sales data showed a quick
recovery in housing market activity last month. However, risk sentiment was weighed down by concerns over
Sino-U.S. tensions after China's parliament passed the national
security legislation for Hong Kong on Tuesday. All but six of 33 sector sub-indexes on the Tokyo exchange
traded higher on Tuesday, with highly cyclical iron and steel
.ISTEL.T and airlines .IAIRL.T leading advances.
The yen JPY= softened against the dollar to 107.76,
providing a tailwind for Japan's automaker stocks, with Honda
Motor Co Ltd 7267.T climbing 1.74% and Nissan Motor Co Ltd
7201.T adding 1.14%.
Shares of Tokyo-listed aircraft components makers tracked
U.S. peers higher, after a 14% surge in Boeing Co's stock BA.N
after the company began its certification flight testing of a
737 MAX. Jamco Corp 7408.T jumped 4.62%, while Toray
Industries Inc 3402.T advanced 2.55%.
Sentiment in global markets was lifted after data on China's
vast factory sector showed activity quickened last month,
defying expectations for a modest slowdown. However, export
orders remained weak, suggesting the economy is still battling
with uncertainties amid an economic recovery.

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