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Markets

Japan shares edge higher on vaccine roll-out progress, BOJ tankan

  • Japanese Prime Minister Yoshihide Suga will chair a coronavirus meeting later in the day and could further restrict a travel subsidy programme to contain mounting infections.
Published December 14, 2020

TOKYO: Japanese shares edged higher on Monday as progress on COVID-19 vaccine roll-outs globally lifted risk sentiment, while a Bank of Japan survey showed business sentiment improved at the fastest pace in nearly two decades in October-December.

The Nikkei share average rose 0.64% to 26,823.25 by the midday break, rebounding from its first weekly loss in six. The broader Topix gained 1.22% to 1,803.73, its highest since October 2018.

All but one of the 33 sector sub-indexes on the Tokyo exchange traded higher.

The market tracked US stock futures higher in the morning session on growing hopes of a swift global economic recovery amid progress on coronavirus vaccines, with the first shipments speeding across the United States.

The Bank of Japan's tankan survey also supported market sentiment, as the mood among big manufacturers improved for the second straight quarter to minus 10 this month from minus 27 in September.

But investors remained cautious over rising coronavirus cases. Japan reported a record of more than 3,000 new daily infections on Saturday and the capital Tokyo confirmed 621 new cases.

Japanese Prime Minister Yoshihide Suga will chair a coronavirus meeting later in the day and could further restrict a travel subsidy programme to contain mounting infections.

Toyota Motor rose more than 2.1% to hit its highest level since early February, supported by the announcement of a revamped hydrogen fuel cell car as well as by solid November Chinese auto sales data.

Nintendo jumped 3.41% as the Kyoto-based gaming company continued to benefit from tougher social restrictions.

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