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Japanese shares rally on upbeat earnings, U.S. stimulus hopes

02/05/2021 | 01:43am EDT

TOKYO, Feb 5 (Reuters) - Japanese shares ended more than 1% higher on Friday, following Wall Street's rally overnight, driven by upbeat earnings from domestic firms and expectations of a large U.S. stimulus package.

Nikkei share average jumped 1.54% to 28,779.19. The broader Topix gained 1.38% at 1,890.95.

The S&P 500 and Nasdaq posted record closing highs overnight, as Democrats pushed ahead with U.S. President Joe Biden's proposed $1.9 trillion stimulus plan without bipartisan support.

"A bigger economic stimulus package in the U.S. is good for the global economy and that optimism is lifting economic-sensitive shares in Japan," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

Japanese automakers jumped, with Mazda Motor surging 18.52% after cutting its loss forecast, making it the biggest gainer in the Nikkei index.

Mitsubishi Motor jumped 8.13% and Nissan Motor gained 7.51%.

NTT Data jumped 9.63% after Nomura Securities raised its target price on the information network builder's stock.

Railway companies, which are also considered sensitive to economic news, gained. Central Japan Railway rose 5.14% and West Japan Railway increased 6.3%.

Takeda Pharmaceutical edged up 0.33% after the drug maker said its nine-month profit more than doubled from a year earlier.

Tokyo Rope surged 10.13% as the steel maker opposed a bid by Nippon Steel, which is trying to boost its stake in the smaller affiliate.

Japan Asia Group jumped 8.96% after an activist fund launched a counter bid for the energy and environment firm, which has agreed to be bought by Carlyle Group.

(Reporting by Junko Fujita; Editing by Amy Caren Daniel)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CENTRAL JAPAN RAILWAY COMPANY 0.70% 15840 End-of-day quote.8.57%
DJ INDUSTRIAL 0.89% 33800.6 Delayed Quote.9.28%
JAPAN ASIA GROUP LIMITED 0.22% 927 End-of-day quote.19.46%
MAZDA MOTOR CORPORATION 0.68% 894 End-of-day quote.29.19%
MITSUBISHI MOTORS CORPORATION 0.66% 306 End-of-day quote.41.01%
NASDAQ 100 0.63% 13845.05499 Delayed Quote.7.42%
NASDAQ COMP. 0.51% 13900.185309 Delayed Quote.7.85%
NIKKEI 225 0.20% 29768.06 Real-time Quote.8.47%
NIPPON STEEL CORPORATION -2.87% 1842.5 End-of-day quote.38.74%
NISSAN MOTOR CO., LTD. -0.12% 573.6 End-of-day quote.2.43%
NOMURA HOLDINGS, INC. 1.42% 585 End-of-day quote.7.34%
NTT DATA CORPORATION 2.69% 1753 End-of-day quote.24.24%
S&P 500 0.77% 4128.8 Delayed Quote.8.62%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -0.31% 3873 End-of-day quote.21.49%
TAKEDA PHARMACEUTICAL COMPANY LIMITED 1.13% 3750 End-of-day quote.-0.13%
THE CARLYLE GROUP INC. 0.16% 38.01 Delayed Quote.20.90%
TOKYO ROPE MFG. CO., LTD. -1.08% 1190 End-of-day quote.56.99%
WEST JAPAN RAILWAY COMPANY 0.58% 5918 End-of-day quote.9.61%
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