TOKYO: Japanese shares rose on Wednesday after positive data on the US manufacturing sector spurred hopes that a global economic recovery from the Covid-19 pandemic remains on track.
The Nikkei 225 Index ended up 0.47% at 23,247.15, while the broader Topix index also rose 0.47% to 1,623.40.
Stocks also got a boost after Chief Cabinet Secretary Yoshihide Suga emerged as the leading candidate to replace outgoing Prime Minister Shinzo Abe at a leadership election on Sept. 14.
If Suga becomes the new prime minister, this would suggest few major changes to economic policy and lesser chances of political instability, which are positives for equities, analysts said.
The stocks that gained the most among the top 30 core Topix names were electronic parts makers Murata Manufacturing Co Ltd, up 3.83%, and Keyence Corp, which gained 2.93%.
The underperformers among the Topix 30 were drugmaker Astellas Pharma Inc down 1.8%, followed by car maker Honda Motor losing 1.2%.
There were 102 advancers on the Nikkei index against 113 decliners.
The volume of shares traded on the Tokyo Stock Exchange's main board was 0.98 billion, compared to the average of 1.16 billion in the past 30 days.-Reuters
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