TOKYO: 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 ended 0.31% higher at 28,635.21, while the broader Topix gained 0.65% to 1,860.07.
Back home, electronic components maker Nitto Denko 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, which jumped 6.71%, and Sharp with a gain of 6.15%. Shionogi & Co 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 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.
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