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Japanese shares track U.S. futures higher, tech leads gains

Published 01/25/2021, 11:03 AM
Updated 01/25/2021, 11:10 AM
© Reuters.

© Reuters.

TOKYO, Jan 25 (Reuters) - Japanese shares shook off early
weakness on Monday, led by tech and pharma stocks, as U.S.
futures rose on hopes that lawmakers would soon pass a massive
economic stimulus to revive growth in the world's largest
economy.
The Nikkei share average .N225 was up 0.34% at 28,728.80
by 0153 GMT after declining 0.2% earlier, while the broader
Topix .TOPX inched up 0.08% to 1,858.17.
"U.S. markets moved irregularly last week but investors were
relieved this morning after seeing the rise in U.S. futures,"
said Masahiro Ichikawa, chief market strategist, Sumitomo Mitsui
DS Asset Management.
The Joe Biden administration and Democratic and Republican
lawmakers discussing a new $1.9 trillion in coronavirus relief
agreed on Sunday that the most important priority should be
producing and efficiently distributing a vaccine. The Dow and S&P 500 ended modestly lower on Friday, dragged
down by losses in blue-chip technology stalwarts Intel INTC.O
and IBM IBM.N following their quarterly results, as hopes for
a full economic reopening in the coming months waned. .N
Meanwhile, tech shares advanced further in Japan. Toshiba
6502.T surged 15.25% after the Tokyo Stock Exchange approved
on Friday the company's return to the bourse's first section.
Nikon 7731.T jumped 6.4%, making it the top gainer in the
Nikkei index, while Shin-Etsu Chemical 4063.T rose 1.92% and
Renesas Electronics 6723.T added 2.6%.
Drugmakers rose on renewed hopes for COVID-19 vaccine
roll-outs. Takeda Pharmaceutical 4502.T added 3.71% after
Japan's biggest drugmaker last week announced the start of a
study of Moderna Inc's MRNA.O coronavirus vaccine in Japan.
Eisai 4523.T rose 3.07% and Astellas Pharma 4503.T
gained 2.37%.
Sumitomo Corp 8053.T rose 1.55% despite news that it would
book an additional impairment loss of about 30 billion yen ($289
million) on its Ambatovy nickel project in Madagascar for the
December quarter. Local media reported the trading house would stop investing
in new oil development projects as it shifts away from fossil
fuels businesses. The top percentage losers in the index were Sharp 6753.T ,
down 3.39%, Kobe Steel 5406.T , down 2.97%, and Sony Corp
6758.T , down 2.81%.

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