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Japan shares recover on U.S. stimulus hopes

Published 10/21/2020, 10:53 AM
Updated 10/21/2020, 11:00 AM

TOKYO, Oct 21 (Reuters) - Japanese shares on Wednesday
recovered from losses in the previous session as optimism that
U.S. lawmakers could reach an agreement on a pre-election
stimulus package lifted riskier assets.
The benchmark Nikkei share average .N225 rose 0.47% to
23,676.90 by the midday break, erasing all of Tuesday's losses
with 197 advancers on the index against 23 decliners. The
broader Topix .TOPX gained 0.89% to 1,640.16.
Highly cyclical miners .IMING.T , shippers .ISHIP.T and
iron and steel .ISTEL.T were the three top performers on the
main bourse.
With just two weeks until the U.S. presidential election,
lawmakers moved closer to agreement on a new coronavirus relief
package as President Donald Trump said he was willing to accept
a large aid bill despite opposition from his own Republican
Party. The news helped Wall Street finish higher overnight and
buoyed sentiment in Asia. MKTS/GLOB
Among the top gainers in Japan, Shimachu 8184.T soared
around 13% after furniture retailer Nitori Holdings 9843.T
said it may bid for the home improvement retailer, threatening a
tender offer for the company by its bigger rival DCM Holdings Co
3050.T . Nitori and DCM were down 0.18% and 6.54%, respectively.
Shares of ANA Holdings 9202.T reversed course to trade
down 0.13% after Kyodo News reported the coronavirus-battered
airline operator is expected to suffer a net loss of 530 billion
yen ($5 billion) for the fiscal year ending in March.
Takara Bio Inc 4974.T jumped 6.51% after the Japanese
biotechnology company lifted its net profit forecast for the six
months ended Sept. 30. Nojima Corp 7419.T gained 6.49% after upgrading its net
profit outlook for the fiscal year ending in March. The Mothers Index .MTHR of start-up firm shares gained
1.25%.

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