TOKYO: Japanese shares on Tuesday gained the most in a week on hopes of additional US fiscal stimulus to bolster the world's largest economy, as major countries struggle to break free from the impact of the coronavirus crisis.
The Nikkei 225 Index ended up 1.88% at 22,750.24, the biggest daily gain since Aug. 3. Industrial and consumer discretionary shares lead the gains. The broader Topix index rose 2.54%. US congressional leaders and officials in President Donald Trump's administration said on Monday that they were ready to resume negotiations on a coronavirus aid deal.
The stocks that gained the most among the top 30 core Topix names were property developer Mitsubishi Estate Co Ltd, up 7.2%, followed by Honda Motor Co Ltd gaining 6.38%. The underperformers among the Topix 30 were mobile operator and venture capitalist SoftBank Group Corp down 2.45%, followed by games maker Nintendo Co Ltd losing 0.83%.
After the closing bell, Softbank reported a 12% rise in net income in the first quarter but did not report operating profit, saying it was "not useful" as a measure of its investment performance.
There were 204 advancers in the Nikkei index against 19 decliners. The volume of shares traded on the Tokyo Stock Exchange's main board was 1.38 billion, compared with the average of 1.2 billion in the past 30 days.
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