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REFILE-Japan shares end higher as IMF forecast boosts hopes of higher earnings

Published 01/27/2021, 02:39 PM
Updated 01/27/2021, 03:10 PM
© Reuters.

© Reuters.

(Refiles to correct paragraph 1 spelling of company Nitto
Denko)
TOKYO, Jan 27 (Reuters) - Japanese stocks closed higher on
Wednesday, on hopes of better corporate results after the
International Monetary Fund raised its forecast for global
growth, while shares of Nitto Denko jumped following a revision
in its earnings outlook.
The Nikkei share average .N225 ended 0.31% higher at
28,635.21, while the broader Topix .TOPX gained 0.65% to
1,860.07.
The International Monetary Fund (IMF) raised its forecast
for global economic growth in 2021 and said the
coronavirus-triggered downturn last year would be nearly a full
percentage point less severe than expected. "Many of the Japanese stocks are sensitive to the global
economy. Investors are taking a fresh look at Japanese shares
after the IMF's global economic outlook," said Hideyuki
Ishiguro, senior strategist, Daiwa Securities.
Equities in Asia, except Japan, fell, with MSCI's gauge of
Asian ex-Japan shares .MIAPJ0000PUS slipping 0.3%.
Back home, electronic components maker Nitto Denko 6988.T
jumped 7.91% to a three-year high, after it raised its annual
operating profit forecast to 90 billion yen ($867.89 million).
The stock was the top gainer on the Nikkei index, followed by
Canon 7751.T , which jumped 6.71%, and Sharp 6753.T with a
gain of 6.15%.
Shionogi & Co 4507.T gained 1.12% after the drug maker
said it sold the development and marketing rights for a COVID-19
treatment to California-based biotech BioAge Labs Inc.
ANA Holdings 9202.T fell 0.61% after the airline said it
would suspend 16 international routes and reduce service to
three other routes during the summer as the COVID-19 pandemic
restricts travel around the world. Energy and environment services firm Japan Asia Group
3751.T was priced at a limit high of 1,090 yen after the
shares were untraded on a glut of buy orders as U.S. buyout fund
Carlyle Group increased its offer.

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