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Japanese shares rise on upbeat corporate earnings, U.S. stimulus

02/04/2021 | 09:27pm EDT

TOKYO, Feb 5 (Reuters) - Japanese shares rose on Friday, following Wall Street's rally overnight, as strong earning results of domestic firms and a large U.S. stimulus program boosted market sentiment.

Nikkei share average gained 1.06% to 28,641.72 by 0152 GMT, while the broader Topix gained 1.03% to 1,884.38.

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.

"Investors also have started buying the virus-beaten shares ahead of the rollout of COVID-19 vaccines in Japan."

Automakers are leading Nikkei index's gain, with Mazda Motor jumping 18.52% after the automaker cut its loss forecasts.

Mitsubishi Motor gained 13.78% and Subaru rose 8.8%.

NTT Data jumped 9.66% after Nomura Securities raised its target price to 1,960 yen from 1,560 yen.

Railway companies continued their rally, with Central Japan Railway rising 4.0% and West Japan Railway increasing 3.94%.

Takeda Pharmaceutical edged up 0.46% after the drug maker said its nine-month profit more than doubled from a year earlier.

Tokyo Rope surged 7.69% as a steel maker opposed a bid by Nippon Steel, which is trying to boost its stake in the smaller affiliate.

Japan Asia Group jumped 6.9% after an activist fund launched a bid to buy the energy and environment firm which has agreed to be bought by Carlyle Group.

(Reporting by Junko Fujita; Editing by Krishna Chandra Eluri)

© 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%
NOMURA CO., LTD. 1.56% 914 End-of-day quote.7.28%
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%
SUBARU CORPORATION -0.92% 2103.5 End-of-day quote.1.99%
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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