Japan’s Nikkei extends rally on Wall Street gains, Toyota lifts Topix

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TOKYO, Oct 8 (Businesshala) – Japan’s Nikkei rose for a second straight session on Friday, tracking gains on Wall Street and investors bargaining after a sharp fall this month, while Toyota Motor posted a top 10 high for the first time ever. Helped to level off. Session

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The Nikkei stock average ended 1.34% higher at 28,048.94, after a 2.3% jump in early trading after gains were cut as investors waited for industry giant Yaskawa Electric to start earnings season later in the day. Broader Topics rose 1.15% to 1,961.85.

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For the week, the Nikkei dropped 2.51%, fueled by concerns about China’s economic slowdown and fears of US inflation. The index has lost 4.77% for the month.

Wall Street ended sharply higher overnight in a broad-based rally led by Big Tech, as the debt-limit deadlock in Congress eased concerns of a possible government debt default this month.

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“The rally in domestic stocks was driven by a rally in overseas markets, but today’s gains were just a rebound from sharp losses,” said Shigetoshi Kamada, general manager of research at Tachibana Securities.

Kamada said with no stock-moving catalyst within Japan, investors are waiting for the new government’s policies ahead of the October 31 national lower house election.

Newly appointed Prime Minister Fumio Kishida said he would do his best to get Japan out of the COVID-19 crisis.

Last week, he flagged the prospects of reducing the country’s fiscal income tax rate, which Kamada said has a negative impact on the local market.

Automakers rose ahead of the yen’s weakening against the dollar, with Toyota Motor up 2.89% and Honda Motor up 1.14%.

Enios, Japan’s biggest refiner, closed lower after surging in early trading after a report said it would buy Japan Renewable Energy from Goldman Sachs and Singapore’s Sovereign Wealth Fund for about 200 billion yen ($1.8 billion). , which operates solar and wind power plants. GIC. (Reporting by Junko Fujita; Editing by Subhranshu Sahu)

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