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Tokyo Nikkei Index hits 29-year high after Biden’s win
Agence France-Presse (Agence France-Presse) – November 9, 2020 – 5:10 pm
TOKYO, Japan – Tokyo shares rose more than 2% to end at a 29-year high on Monday after Joe Biden was elected the next US president in a close competition that finally delivered the result expected by investors.
The benchmark Nikkei 225 Index gained 2.12%, or 514.61 points, to finish at 24,839.84, while the broader Topix Index added 1.41%, or 23.41 points, to 1,681.90 . The Nikkei is now at levels not seen since 1991.
“Investor sentiment improved tremendously due to the decline in US political risks,” Okasan Online Securities chief strategist Yoshihiro Ito said in a comment.
The gains came after the US market ended the best week since April, although Friday’s Wall Street session was tepid as the vote count was still ongoing.
In Tokyo trading, Internet investor SoftBank Group jumped 5.37% to 7,083 yen. The company said after the market closed that first half net profit soared 346.7%, sealing a strong recovery after a massive annual loss.
Fast Retailing, Uniqlo’s casual wear operator, added 3.74% to 78,310 yen, while Sony advanced 0.82% to 9,220 yen.
Toyota rose 2.19% to 7,173 yen, while rival Honda soared 9.42% to 2,833.5 yen.
On the other hand, Eisai plunged 23.64% to 7,819 yen after the company failed to get approval from a panel of advisers from the US Food and Drug Administration for an Alzheimer’s treatment that the drugmaker Japanese is developing with Biogen.
Japan Airlines tumbled 10.96% to 1,641 yen after the airline announced a public offering to shore up capital.
The dollar was trading at 103.52 yen in Asian trading, down from 103.33 yen in New York on Friday.
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