TOKYO: Japanese shares ended higher on Monday, tracking a gain in Wall Street futures in Asian trade, on hopes of a new US coronavirus relief deal before the presidential election. The benchmark Nikkei share average rose 1.11% to close at 23,671.13, while the broader Topix gained 1.25% to 1,637.98. Both of the indexes marked their biggest daily gains since Oct. 5.
All 33 sector sub-indexes on the Tokyo exchange traded higher, with shippers, rubber products and iron and steel being the top three performers on the main bourse. Shares were lifted by S&P 500 e-mini futures, last trading up 0.7%, after US House Speaker Nancy Pelosi said she was optimistic that legislation on a wide-ranging coronavirus relief package could be pushed through before the Nov. 3 election. But with Treasury Secretary Steven Mnuchin in the Middle East until Tuesday, analysts suspect a deal to be a long shot.
Toho Co soared 4.47%, after hitting its highest since September 2019 earlier in the session, as the film and entertainment company raised its net profit forecast.
Toshiba Corp climbed 2.55%, after the homegrown conglomerate said it aims to generate $3 billion in revenue from its quantum cryptography by 2030. On the domestic data front, Japan's exports in September fell at a slower pace than in the previous six months as US-bound shipments of cars started to recover from lows brought about by the Covid-19 outbreak, suggesting the pandemic's pressure on the economy was easing.