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Japan stocks head for weekly gain on U.S. stimulus hopes

Published 10/09/2020, 10:37 AM
Updated 10/09/2020, 10:40 AM

By Stanley White
TOKYO, Oct 9 (Reuters) - Japanese stocks were on course for
their biggest weekly gain in two months on Friday, on hopes of
more stimulus in the United States, even though some investors
doubted the chances of a deal in the run up to the U.S.
presidential election.
The Nikkei 225 Index .N225 slipped 0.07% to 23,629.73 by
0158 GMT on Friday. For the week, however, the Nikkei added
2.6%, marking its largest gain since the week ended Aug. 14.
The broader TOPIX .TOPX fell 0.43% to 1,648.30. For the
week, the TOPIX was up 2.4%.
U.S. President Donald Trump said talks with Congress had
restarted on targeted fiscal relief, after abruptly calling off
negotiations earlier this week. However, Democrat House Speaker Nancy Pelosi downplayed the
likelihood of stand-alone bills, and relations between the two
political parties are likely to become more strained as a
hotly-contested presidential election on Nov. 3 draws near.
The U.S. economy, struggling with a rise in cases of the
novel coronavirus, is certain to lose momentum without a new
stimulus, and this is a risk for Japan's export sector.
The largest percentage gainers on the Nikkei index were
convenience store operator Seven & i Holdings Co Ltd 3382.T ,
up 5.43%, followed by car battery-maker GS Yuasa Corp 6674.T ,
gaining 3.03%, and clothing retailer Fast Retailing Co Ltd
9983.T , up by 2.81%.
The largest percentage losses on the index were drugs-maker
Daiichi Sankyo Co Ltd 4568.T , down 3.95%, followed by
engineering conglomerate JGC Holdings Corp 1963.T , losing
2.99%, and Mitsubishi Motors Corp 7211.T , down 2.97%.
There were 47 advancers on the Nikkei index against 174
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.46 billion, compared with the average
of 1.15 billion in the past 30 days.

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